Would like to get some input regarding this for 2021.
Assume MFJ for 2021
Interest Income $200,000
Business Gross Income $100,000
Business Deductions $900,000
2017 NOL Carryover $1,500,000
The way I read the law is that the Business Loss of $800,000 will be restricted to $524,000.
So, income before Standard Deduction will be ($1,000,000 + $200,000 - $524,000) = $676,000.
However, since the NOL of $1,500,000 is a PRE 2018 NOL that will be allowed in full.
Am I on the right track here?
Thanks for all responses