@AliciaP1, thank you!! I believe the five-year carryback periods under the the CARES Act were limited to NOLs in years 2018, 2019, and 2020. Most businesses can only carryforward outside of those years, except farms, which get a two-year carryback. So my 2021 NOL would carry only as far back as 2019, I believe. Does that sound right?
There's one thing I'm hoping to get clarification on. My AGIs in past years are not zero, but simply so small that when it's time to calculate taxable income in each year, taxable income has always been zero (since after 2015). Taxable income equals AGI minus standard or itemized deductions, correct? (Also minus QBI deduction, but that's always been zero for me, I think, because my business hasn't yet made a profit.) So while carrying back my 2020 and 2021 NOLs could reduce my AGIs in previous years, it would clearly due nothing to reduce my taxable income in those years beyond 2015, so I would get no actual benefit in the carrybacks for those years. So must I carryback the NOLs to reduce those AGIs anyway? Or is it not necessary since I already have no taxable income in those years?
It's all so complicated! Thanks for shedding light on it all!!
