Can I use a 2019 $8,000 NOL to offset 2020 unearned income like social security and taxes on a Roth IRA conversion? Thanks.

In 2020 my business will again generate a NOL. Can I use these NOLs to reduce my unearned income, or can a NOL only be used to reduce earned income?

351

Expert Alumni

Mar 20, 2021 11:18:46 AM

What type of business do you have? A business loss in not always an NOL. A Schedule C loss will reduce all income, earned and unearned.