loki
Level 1
02-02-2021
06:21 PM
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I have the same diagnostic, but this return (2020) DOES have prior year NOLs that have carried forward from 2018 and 2019. What is this instruction saying to do? Do I take 80% of current year taxable income and reduce the NOL being carried forward to that amount? What if this current year is also a loss? Instruction is fuzzy and I appreciate anyone who can provide clarity.