@Jason999 wrote:
The most doubtful part was if I could take the extra 20K NOL from S-Corp to apply against Wife's W2 income.
That is now perfectly clear to me (it was not previously). I initially got the impression that you somehow figured an NOL on your individual income tax return rather than having the loss passed through to you on a K-1 from your S corporation. In that event, I agree that there should be no issue with applying the $20k loss against the W-2 income.
FWIW......
