This is similar to my last message but I re-worded it as I felt I asked the wrong question in my last post.
If I have a client who has a NOL carryforward of about (15,000) but in the carryforward year his AGI is 75,000 but he has no taxable income because he has a lot of itemized deductions and six kids can he skip that year and carryforward to another year? If I carry to the year when the AGI is 75,000 it wil bring him down to 60,000 AGI but will not change the return because it is already zero taxable income. Can I then forward to future years since there is no benefit?
Thanks!
If I have a client who has a NOL carryforward of about (15,000) but in the carryforward year his AGI is 75,000 but he has no taxable income because he has a lot of itemized deductions and six kids can he skip that year and carryforward to another year? If I carry to the year when the AGI is 75,000 it wil bring him down to 60,000 AGI but will not change the return because it is already zero taxable income. Can I then forward to future years since there is no benefit?
Thanks!
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