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Level 2
April 12, 2020
Question

Income loss

  • April 12, 2020
  • 2 replies
  • 23 views

My wife is a Medical Professional; she, along with the rest of the Management staff, are being required to take a 10% pay cut during the COVID event. I know this will not impact the 2019 tax year, I am curious if this loss can be detected next year.

2 replies

Level 15
April 13, 2020

The loss of income would not be deductible.  However, there will be less income to report for 2020.  

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iam392Author
Level 2
April 13, 2020

That is what I thought as well. Thanks for replying.