Question
Tyler, a single taxpayer, generates business income of $3,000 in 2019. In 2020, he generates an NOL of $5,000. In 2021, he generates business income
Tyler, a single taxpayer, generates business income of $3,000 in 2019. In 2020, he generates an NOL of $5,000. In 2021, he generates business income of $1,000. In 2022, his business generates income of $1,100. What is Tylers NOL carryforward into 2023, if any?
Under the temporary COVID provisions, Tyler can --------- $------- of his 2020 loss to 2019 leaving an NOL balance of ----------to-------- into 2021. His use of the NOL in 2021 is limited to---------of his 2021 income or $-------- He uses fill in the blank 7 of 13$ of the NOL in 2021 leaving an NOL balance of---------$ to-----------into 2022. His NOL use is limited to ------
of his 2022 income or-----------$. This leaves an NOL-----------balance of------------into 2023.
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