Hi,
I'd appreciate your feedback.
In 2008, 1040 Taxpayer had small income and large itemized deductions. Along with exemptions, it results in -0- taxable income. Taxpayer has charitable contribution carryover ($2,500) from 2007.
Is he required to use it in 2008 even if it does not benefit him due to small income?
Can he skip 2008 and carry-forward all amount to 2009 and on for 5 years?
What about NOL (from business loss from 2007)? Is he required to utilize it in 2008 even though he gets no benefit?
Your feedback is appreciated.
Thanks.
Jung Oh, CPA
I'd appreciate your feedback.
In 2008, 1040 Taxpayer had small income and large itemized deductions. Along with exemptions, it results in -0- taxable income. Taxpayer has charitable contribution carryover ($2,500) from 2007.
Is he required to use it in 2008 even if it does not benefit him due to small income?
Can he skip 2008 and carry-forward all amount to 2009 and on for 5 years?
What about NOL (from business loss from 2007)? Is he required to utilize it in 2008 even though he gets no benefit?
Your feedback is appreciated.
Thanks.
Jung Oh, CPA