Good afternoon,
If a client has a declared in 2023 of 14k that didn't 'help' as their income was already lower than the standard deduction. I'm looking at the IRS site and it seems that because this occurred in a year post 2020 that the carryover could have been 'paused' in 2023 and preserved for 2024?
Thank you! Very much appreciate the knowledge of the group.
Dawn
Yes, a Net Operating Loss.
Assuming 1040 return, look for the: (i) Net Operating Loss Classification Worksheet; and (ii) the Net Operating Loss Worksheet both in the 2023 package and go from there. You have to first determine if you had a net operating loss in 2023 and one that can be carried forward to 2024. See IRS Publication as well.
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