Alina
Level 1
 
0 Cheers
sjrcpa
Level 15

If there was an NOL and an election to forego the carryback was made, yes.

Negative AGI does not necessarily mean there is an NOL.


Ex-AllStar
jeffmcpa2010
Level 11

NO. Negative AGI means nothing. (well in terms of carryover anyway).

 

You will need to read up and do some research on Net Operating Losses mentioned sjrcpa. It's not as simple as taking a negative number of the prior tax return.