topic Last year I had more itemized deductions than income leaving me with a $-929 on line 41 on my 1040 form. Can I add those deductions to this years tax return? in Deductions & credits

Last year I had more itemized deductions than income leaving me with a $-929 on line 41 on my 1040 form. Can I add those deductions to this years tax return?

betsyenglar — Sat, 01 Jun 2019 06:54:35 GMT

No. the only loss that could be carried forward would hav...

Coleen3 — Sat, 01 Jun 2019 06:54:37 GMT

No. the only loss that could be carried forward would have to be business related. A net operating loss (NOL) is a negative profit for tax purposes. It usually occurs when a company's tax deductions exceed its taxable, making the company unprofitable.