@AliciaP1, THANK YOU SO MUCH!! 😃 You're comment got me to finally get it into my head that the NOL is taken on the personal portion of the tax return even though it came from the business portion. Can I ask a couple follow-up questions?
1) All of my AGIs from 2018 onward were less than the taken standard deductions, so my taxable incomes in all those years were $0. Would NOL carrybacks still be absorbed by the AGIs in those years even though there was already no taxable income? Or would they automatically carryforward due to lack of taxable income?
2) I've since realized my 2020 NOL would actually carryback five years because of the CARES Act. So it would go back to 2015 when I did actually have taxable income. It's now 2023. Is it too late to file an amended return for 2015?
Thanks so much again!!!!!
