NOL

[TaxesBSIS]

Hi! I have NOL from 2015-2020 of 250k. The business is no longer running. Can I use that NOL to offset retirement income now like rmds and ira withdrawals? or is it strictly to offset business income. Thanks!

[Mike9241]

have you been carrying forward the NOLs from year to year and reporting them on your 1040s for the years 

2016-2023. Even this is in question because in the earlier years if you did not make an affirmative election to carry forward the NOL for that year it had to be carried back either 2 or 3 years 

yes an NOL can offset non-business income. there is no way for us to know if you have any NOL that can be used in 2024. you need to consult a tax pro to review prior years' returns