The percentage of passive losses that may offset nonpassive income for 2020 is: 1) The percentage varies depending on the level of AGI. 2) 0% 3) 100% 4) 10% Question 3 (5.25 points) 4) Listen When a taxpayer incurs an NOL in 2016, that is not attributable to a casualty or theft loss, the taxpayer may: 1) Carry the NOL forward instead of back. 2) Carry the NOL back three years. 3) Carry the NOL back five years. 4) All of the above.