Question
Client has CY income of around $6k and a combined NOL from 2018 and 2019 of over $310k. ITO is deducting all of NOL in current year Other Inc. Can I elect partial claim?
On Schedule 1, line 8, the entire combined prior years NOL is being deducted, leaving the client with a negative AGI. On the NOL Utilization statement is shows that $81k is being absorbed this year, but their income is being reduced by the full amount.
