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Level 2
October 11, 2022
Question

Net operating loss

  • October 11, 2022
  • 1 reply
  • 2 views

On a joint return I have a net operating loss carryover from a business for 2019 and 2020 of over 55k with less than a 1/4 of that for business income in 2021.

How much of those loses can be applied to 2021 joint return? Does it max out at Gross or Net of business income or some other method?

Thanks!

1 reply

Critter-3
Level 15
October 11, 2022

Which form is filed for this business ?   1120, 1120-S, 1065 ?   Or is this NOL on your prior year form 1040?

 

Level 2
October 12, 2022

It's a sole proprietorship on joint 1040.

Mike9241
Level 15
Level 15
October 12, 2022

you're asking two different things so it's not clear what you are asking.  a business that is run by a sole owner who has not incorporated the business files schedule C with their 1040 

Mike9241