NOL question

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  • Parent of Holy Terror

    #1

    NOL question

    Facts: Customer has W2 of twenty thousand. She has medical bills of 65,000.00

    Should the computer give me an NOL or is that just if there is a loss on the business and have a negative AGI.

    Thanks.
  • Bees Knees
    Senior Member
    • May 2005
    • 5456

    #2
    Medical expenses do not create or increase an NOL. See TTB page 24-8 for a list of business items (that affect an NOL), and a list of nonbusiness items (which do not affect an NOL).

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