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Emily, who is single, sustains an NOL of $7,800 in 2021. The loss is carried forward to 2022. For 2022, Emily's income tax information before
Emily, who is single, sustains an NOL of $7,800 in 2021. The loss is carried forward to 2022. For 2022, Emily's income tax information before taking into account the 2021 NOL is as follows: Adjusted gross income $48,200 Itemized deductions*: Medical [$3,650 - (7.5% x $48,200)] $35 Taxes 6,100 Interest expense on home mortgage 11,000 (17,135) Taxable income $31,065 * The 2021 single standard deduction is $12,550; Emily's itemized deductions will exceed the 2022 single standard deduction (after adjustment for inflation). How much of the NOL carryforward can Emily use in 2022, and what is her adjusted gross income and her taxable income? Emily may use $ of the NOL resulting in adjusted gross income of $ and taxable income $
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