@Mike9241 wrote:
how can you have a business NOL but no NOL to c/f or c/b
say $10,000 in business losses, $22,400 in non business income, and std deduction of $12,400. taxable income (line 15) is 0. your business losses of $10,000 must be reduced by the excess of nonbusiness income ($22,400) over non-business deductions (the std deduction of $12,400) or a net $10,000. thus your NOL is $0. put another way. you usually won't have an NOL if adjusted gross income is positive.
But what if you had 10,400 in non-business income? So after business losses, your AGI is 400. Then with deductions you are at -12000. Would the 10,000 business loss carry back or forward then?
