When preparing my return on Turbo Tax, I am prompted to fill in an amount for NOL. My loss for the previous year was $110,000.00. How much am I allowed to carry forward?
Thanks
According to the IRS the entire amount of the eligible NOL can be carried forward to 2009. However, if there is insufficient income to absorb the entire NOL, the unused NOL is again carried forward to the next year that is, to 2010.
Generally speaking, the NOL can be carried forward (what remains of it) to 20 tax years following the NOL year.
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