I just filed my 2022 income taxes and my AGI (on line 11 of form 1040) was -$370,800.
I am assuming that my NOL to be carried forward to 2023 year will be $ 370,800. Is that correct?
This loss was a result of loss in one of my businesses (that loss was -$ 552437) which was offset by salary and other income.
This is the first time in my life that I have this kind of loss. My question is: Should I convert my 403b plan into a Roth IRA in 2023, so that the conversion will boost my taxable income for 2023, but it will be still under NOL of $ 370,800? Secondly, if my taxable income for 2023 before NOL is less than $ 370,800, can I carry forward unused NOL to 2024 and beyond? Thanks in advance.
