Business, 01.12.2021 22:50, wsdafvbhjkl

Emily, who is single, sustains an NOL of $17,880 in 2018. The loss is carried forward to 2019. For 2019, Emily's income tax information before taking into account the 2018 NOL is as follows: Adjusted gross income $89,400
Itemized deductions
Medical [$10,728 - (10% x $89,400)] $1,788
Taxes 13,410
Interest expense on home mortgage 11,000 (17,135)
Taxable income $ 31,065
"The 2019 single standard deduction is $12,200: Emily's itemized deductions will exceed the 2020 single standard deduction (after adjustment for inflation). The medical expense AGI floor is 10% in 2019".
How much of the NOL carryforward can Emily use in 2020, and what is her adjusted gross income and her taxable income?

Answers: 2

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Emily, who is single, sustains an NOL of $17,880 in 2018. The loss is carried forward to 2019. For 2...