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Deductions & credits
Thank you for the reply. I know I oversimplified my description, but there are no AGI modifications. So to confirm, there is nothing we need to do about the change in taxable SS income and the deduction needs to be 80% of taxable income even though the new taxable income after the NOL carryover deduction is less than 20% of the original and is in fact less than 10% of the original taxable income. Is that correct?
Thank you!
March 11, 2025
9:36 PM