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!
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Which form is filed for this business ? 1120, 1120-S, 1065 ? Or is this NOL on your prior year form 1040?
It's a sole proprietorship on joint 1040.
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
A Sch C cannot have an NOL or a loss carryover but your tax return form 1040 may have an NOL reported on form 1045 that the TT program doesn't support directly. If this is what you had last year then get professional assistance with this matter.
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