I have a C corp That I am doing taxes for.
In 2021, it incurred a 95K loss
In 2022, it incurred a 159K loss in bad debts and a earnings of 100K.
According to turbotax, I can only utilized 80K from 2021 for this year (80% of my earnings) and the remaining 15K is pushed forward to 2023.
As a new startup, I expected this but I am difficulty understanding how to use the NOL.
If I add the 159K of losses to 2022 this year, then my earning drop to -59K (loss)
Does the NOL of 95K (2021) + 59K then get carried forward to 2023?
Please advice, this is a bit confusing
Thanks
