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Visitor II

Net Operating Loss Carryforward

I have a prior years net operating loss carryforward.  In the current year I have a taxable income of zero, resulting from earned income less the loss carryforward, less self employment tax & qualified plans = adjusted gross income of negative $13,000.  $21,000 of that is the loss carryforward.   Next deduct standard deduction of $9350, giving a current year loss of $22,000.  So I am at a loss of approximately $22,000 including the $21,000 loss carryforward before using the exemption deduction of $8100.

 

So my question is:  Is it correct that my loss carryforward carries over in it's entirety to the next year since none of it was utilized this year?  My taxable income is zero.  I modify it for the NOL Carryforward and I'm still at a negative.  So it appears I am not using any of the loss carryforward this year.  Is this corrrect?