Timothy Gates and Prada Singh decide to form a new company, TGPS LLC (a multimember LLC that will report its operations as a partnership). Timothy is married, and Prada is single. Each contributes $400,000 of capital to begin the business, and both materially participate in the business. In 2022, TGPS reports a net loss of $580,000. What are the implications of this loss for Timothy and Prada?

If an amount is zero, enter "0".

Timothy has an excess business loss of fill in the blank. He may use fill in the blank of his share of the $580,000 LLC business loss to offset nonbusiness income.

Prada has an excess business loss of fill in the blank. She may use fill in the blank of her share of the $580,000 LLC business loss to offset nonbusiness income.

Any excess business loss is treated as part of the taxpayer's NOL carryforward.