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2 Questions Sch C Loss and SS

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    #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
    #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

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      #3
      Originally posted by rwm221 View Post

      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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