* 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? 7,800✔ of the NOL resulting in adjusted gross income of $ Emily may use $ 21,390 X. 40,400✔ and taxable income
* 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? 7,800✔ of the NOL resulting in adjusted gross income of $ Emily may use $ 21,390 X. 40,400✔ and taxable income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Subject :- Account
![Emily, who is single, sustains an NOL of $7,800 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 [$3,650 - (7.5% x $48,200)]
Taxes
Interest expense on home mortgage
Taxable income
Emily may use $
$35
6,100
11,000
21,390 X.
$48,200
* 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?
(17,135)
$31,065
7,800✔ of the NOL resulting in adjusted gross income of $
40,400 ✔and taxable income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd7b6ce77-7d1f-42c7-90fc-6e082dc1db1b%2F8b0c05c7-e598-4b6d-9409-1673455b4c19%2Ft9ufuco_processed.png&w=3840&q=75)
Transcribed Image Text:Emily, who is single, sustains an NOL of $7,800 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 [$3,650 - (7.5% x $48,200)]
Taxes
Interest expense on home mortgage
Taxable income
Emily may use $
$35
6,100
11,000
21,390 X.
$48,200
* 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?
(17,135)
$31,065
7,800✔ of the NOL resulting in adjusted gross income of $
40,400 ✔and taxable income
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