2 Questions Sch C Loss and SS

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  • rwm221
    Senior Member
    • Feb 2018
    • 106
    #1

    2 Questions Sch C Loss and SS

    First Question: Client has a Sch C loss of $55,000 in 2019, So On his 1040 it shows his AGI as -55,000. For 2020 he has a $91,000 gain. Can I use the -55,000 as Other income for 2020.


    Second Question: Client owes IRS and he wants to retire. Can they garnish part of his Social Security.


    Thanks Again
    Tags: None
    • Anarchrist
      Senior Member
      • Oct 2006
      • 353
      #2
      Figure out the NOL in 2019 and carry it over into 2020.

      Yes.
      "Taxation is the price we pay for failing to build a civilized society." ~ Mark Skousen

        Comment

        • TAXNJ
          Senior Member
          • Jan 2007
          • 2106
          #3
          Originally posted by rwm221

          Second Question: Client owes IRS and he wants to retire. Can they garnish part of his Social Security.


          Thanks Again
          see below

          https://www.irs.gov/individuals/soci...t-levy-program
          Last edited by TAXNJ; 10-01-2021, 08:27 AM.
          Always cite your source for support to defend your opinion

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