Thank you Sir for taking time and effort to read and analyze my question.
For Question 1.
The most doubtful part was if I could take the extra 20K NOL from S-Corp to apply against Wife's W2 income.
I see the numbers flowing on 1040 form exactly as you state.
For Question 2.
I am doing precisely as you stated.
Let's see if anyone else who reads this will object or perhaps confirm everything.
Again, thank you very much. I greatly appreciate your answer.
