Answered: Rita has an NOL generated in 2020 from…

Business

Accounting

Rita has an NOL generated in 2020 from farming activity. Which is NOT an option for using the NOL in another tax year?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Rita has an NOL generated in 2020 from farming activity. Which is NOT an option for using the NOL in another tax year?

Rita may carry the NOL back to 2015 using Form 1045.

Rita may carry the NOL back to 2015 using Form 1040-X.

If Rita waives the carryback, she may deduct the NOL as a negative amount on her 2021 Schedule F (Form 1040).

If Rita waives the carryback, she may deduct the NOL as a negative amount on her 2021 Schedule 1 (Form 1040), using line 8, Other Income.

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