DanielV01
Expert Alumni

State tax filing

A negative sign in front of your income represents a loss.  If this is your only "income" of the year, you fall into the category of a Net Operating Loss (NOL), which can have additional impact on other tax years.

If this is your situation, (which can happen when establishing a business), you will want to study up on the subject to see the best strategy for carrying back and/or carrying forward the loss.  It is a complicated subject, but worth the time.  Here is a website that has excellent information to assist you:  https://www.investopedia.com/terms/n/netoperatingloss.asp

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