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Help me determine my carryforward NOL amount?
I’m not a tax expert (is anyone? :P) but I have what I think is a simple question. I just did my taxes and ended up this year with an overall loss. I was curious though how much my carryforward net operating loss is for next year. I’ll use a simplified example with fake numbers to see if I can make my point.
1. I made 10k in W2s from a 9–5 job.
2. As a private consultant my net “profit” was negative 20k (shown on schedule c).
3. Therefore my overall AGI for the whole year is -10k.
My question is is my carryforward NOL for next year determined from number 2 or number 3 above?
I.E. Is my carryforward NOL taken from my negative AGI or from my negative Schedule C income (loss).
Hope that makes sense. And if nobody knows the answer that’s OK too! :P
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