Problem 4-14 Net Operating Losses (LO 4.9) Julie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only other income is wages of $30,000. Julie takes the standard deduction of $12,550 in 2021. a. Calculate Julie's taxable income or loss. loss b. Calculate the business and nonbusiness portions of her taxable income or loss. Business: loss Nonbusiness: loss
Problem 4-14 Net Operating Losses (LO 4.9) Julie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only other income is wages of $30,000. Julie takes the standard deduction of $12,550 in 2021. a. Calculate Julie's taxable income or loss. loss b. Calculate the business and nonbusiness portions of her taxable income or loss. Business: loss Nonbusiness: loss
Chapter4: Additional Income And The Qualified Business Income Deduction
Section: Chapter Questions
Problem 24MCQ
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Transcribed Image Text:Problem 4-14
Net Operating Losses (LO 4.9)
Julie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only other income is wages of $30,000. Julie takes the
standard deduction of $12,550 in 2021.
a. Calculate Julie's taxable income or loss.
loss
b. Calculate the business and nonbusiness portions of her taxable income or loss.
Business:
loss
Nonbusiness:
loss
c. Determine Julie's 2021 NOL.
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