. . . which was interest from a regular bank account.
Is this a Net Operating Loss?
Is there anything I need to do apart from entering the value on line 22 and $0 for tax due?
You'll need to sign in or create an account to connect with an expert.
"
Is this a Net Operating Loss?"
Most likely there is no net operating loss because a net operating loss cannot be created when nonbusiness deductions exceed nonbusiness income. See https://www.irs.gov/publications/p536/ar02.html#en_US_2016_publink1000177329
Also, the exemption is not included when figuring an NOL. See https://www.irs.gov/instructions/i1041/ch02.html#d0e3851
"
Is this a Net Operating Loss?"
Most likely there is no net operating loss because a net operating loss cannot be created when nonbusiness deductions exceed nonbusiness income. See https://www.irs.gov/publications/p536/ar02.html#en_US_2016_publink1000177329
Also, the exemption is not included when figuring an NOL. See https://www.irs.gov/instructions/i1041/ch02.html#d0e3851
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
fordescort12
Returning Member
toryburch
New Member
Grubbles
New Member
1c98707ce2ff
New Member
OxanaD
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.