I have a large NOL balance generated before 2021. To keep the math easy, let's say $40,000 was carried forward to 2021.
In 2021, my income will only be around $30,000, but in 2022 it will be over $100,000. Do I have to claim the $30,000 NOL deduction in 2021, or can I carry it forward to 2022?
I read the IRS publication on NOLs but found it extremely confusing and I don't think it really answered my question. Thanks
