Emily, who is single, sustains an NOL of $11,640 in 2023. The loss is carried forward to 2024. For 2024, Emily's income tax information before taking into account the 2023 NOL is as follows: Adjusted gross income Itemized deductions*: Medical [$6,984 - (7.5% x $58,200)] Taxes Interest expense on home mortgage Taxable income $2,619 8,730 17,460 Emily may use $ gross income of $ $58,200 * The 2023 single standard deduction is $13,850; Emily's itemized deductions will exceed the 2024 single standard deduction (after adjustment for inflation). 17,751 X. (28,809) $29,391 How much of the NOL carryforward can Emily use in 2024, and what is her adjusted gross income and her taxable income? 11,640 ✔ of the NOL, resulting in adjusted 46,560 and taxable income
Emily, who is single, sustains an NOL of $11,640 in 2023. The loss is carried forward to 2024. For 2024, Emily's income tax information before taking into account the 2023 NOL is as follows: Adjusted gross income Itemized deductions*: Medical [$6,984 - (7.5% x $58,200)] Taxes Interest expense on home mortgage Taxable income $2,619 8,730 17,460 Emily may use $ gross income of $ $58,200 * The 2023 single standard deduction is $13,850; Emily's itemized deductions will exceed the 2024 single standard deduction (after adjustment for inflation). 17,751 X. (28,809) $29,391 How much of the NOL carryforward can Emily use in 2024, and what is her adjusted gross income and her taxable income? 11,640 ✔ of the NOL, resulting in adjusted 46,560 and taxable income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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