Standard deductions and business losses

[UCcpg]

If my income is already lower than my standard deduction (24000 for filing jointly) should I carry forward operating losses from a business (NOL) or should I apply losses to the current year until my income is 0?

[DJS]

If your income is less than your standard deduction you won't owe any tax, so there would be no point in reducing your income further in the current tax year. If you have losses you can carry over, then you might get a tax benefit in a future tax year. 

[Mike9241]

if you have an nol in your 2020 return you have the option of making an election with a timely filed return to carryforward the NOL.  if you do not make this election under current law the loss would have to be carried back 5 years (2015). if there's any left it gets carried forward until used up.

[UCcpg]

1. For 2020 would the carryback apply only to 2015 or are you able to choose between years 2015 through to 2019?

2. Should/can losses in excess of AGI being zero be carried back or forward?

On 1040 if taxable income is negative, you put 0. So if it was -10000, should/can 10000 be carried or should the decision be based on something else?

[UCcpg]

That's what I was thinking. But TurboTax didn't guide me to do so for 2019. Am I able to carry back/forward without amending the return? The loss itself is obvious as filed (negative 11a was made 0).

Thank you so much for your response.