Net Operating Losses (LO 4.9) Julie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only other income is wages of $30,000. Julie takes the standard deduction of $12,550 in 2021 . a. Calculate Julie's taxable income or loss. x Feedback TCheck My Work The net operating loss provision is primarily designed to provide relief for trade or business losses. Generally, only losses from the operati a trade or business, casualty and theft losses, or confiscation losses can generate a net operating loss. The TCJA modified the rules regarc the carry back and carry forward of NOts. b. Calculate the business and nonbusiness portions of her taxable income or loss. Business: 5 Nonbusiness: $