HPMCPAs
Level 2
02-12-2021
08:05 AM
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The above the line $300 charitable contribution is increasing net operating losses. Also, for taxpayers that don't otherwise have an NOL, if the standard deduction is greater than AGI, a $300 NOL is being generated. Did the IRS intend for the $300 charitable contribution to generate or increase an NOL or is this a software problem? Can't find any guidance that indicates the IRS allow this.
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