Emily, who is single, sustains an NOL of $12,160 in 2022. The loss is carried forward to 2023. For 2023, Emily's income tax information before taking into account the 2022 NOL is as follows: Adjusted gross income Itemized deductions*: Medical [$7,296 - (7.5% x $60,800)] Taxes Interest expense on home mortgage Taxable income $2,736 9,120 18,240 Emily may use $ 16,752 X. $60,800 (30,096) $30,704 * The 2022 single standard deduction is $12,950; Emily's itemized deductions will exceed the 2023 single standard deduction (after adjustment for inflation). How much of the NOL carryforward can Emily use in 2023, and what is her adjusted gross income and her taxable income? 12,160 of the NOL, resulting in adjusted gross income of $ 48,640 ✔ and taxable income
Emily, who is single, sustains an NOL of $12,160 in 2022. The loss is carried forward to 2023. For 2023, Emily's income tax information before taking into account the 2022 NOL is as follows: Adjusted gross income Itemized deductions*: Medical [$7,296 - (7.5% x $60,800)] Taxes Interest expense on home mortgage Taxable income $2,736 9,120 18,240 Emily may use $ 16,752 X. $60,800 (30,096) $30,704 * The 2022 single standard deduction is $12,950; Emily's itemized deductions will exceed the 2023 single standard deduction (after adjustment for inflation). How much of the NOL carryforward can Emily use in 2023, and what is her adjusted gross income and her taxable income? 12,160 of the NOL, resulting in adjusted gross income of $ 48,640 ✔ and taxable income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ef 81.
![Emily, who is single, sustains an NOL of $12,160 in 2022. The loss is carried forward to 2023. For 2023, Emily's income tax information
before taking into account the 2022 NOL is as follows:
Adjusted gross income
Itemized deductions*:
Medical [$7,296 - (7.5% x $60,800)]
Taxes
Interest expense on home mortgage
Taxable income
$2,736
9,120
18,240
Emily may use $
16,752 X.
$60,800
(30,096)
$30,704
* The 2022 single standard deduction is $12,950; Emily's itemized deductions will exceed the 2023 single standard deduction (after
adjustment for inflation).
How much of the NOL carryforward can Emily use in 2023, and what is her adjusted gross income and her taxable income?
12,160 of the NOL, resulting in adjusted gross income of $
48,640 ✔ and taxable income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff45f8a2a-f450-4d14-a99f-85887de7a617%2Fbc910974-3068-4f0f-8119-e3abb6b86918%2Fkrfpefh_processed.png&w=3840&q=75)
Transcribed Image Text:Emily, who is single, sustains an NOL of $12,160 in 2022. The loss is carried forward to 2023. For 2023, Emily's income tax information
before taking into account the 2022 NOL is as follows:
Adjusted gross income
Itemized deductions*:
Medical [$7,296 - (7.5% x $60,800)]
Taxes
Interest expense on home mortgage
Taxable income
$2,736
9,120
18,240
Emily may use $
16,752 X.
$60,800
(30,096)
$30,704
* The 2022 single standard deduction is $12,950; Emily's itemized deductions will exceed the 2023 single standard deduction (after
adjustment for inflation).
How much of the NOL carryforward can Emily use in 2023, and what is her adjusted gross income and her taxable income?
12,160 of the NOL, resulting in adjusted gross income of $
48,640 ✔ and taxable income
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