Emily, who is single, sustains an NOL of $9,040 in 2019. The loss is carried forward to 2020. For 2020, Emily's income tax information before taking into account the 2019 NOL is as follows: $45,200 Adjusted gross income Itemized deductions*: Medical ($5,424 - (10% x $45,200)] $904 Taxes 6,780 Interest expense on home mortgage 13,560 (21,244) Taxable income $23,956 * The 2019 single standard deduction is $12,000; Emily's itemized deductions will exceed the 2020 single standard deduction (after adjustment for inflation). The medical expense AGI floor is 10% in 2020. How much of the NOL carryforward can Emily use in 2019, and what is her adjusted gross income and her taxable income? Emily may use $ 9,040 of the NOL, resulting in adjusted gross income of $ 36,160 and taxable income 10,792 X