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
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 31CE: Emily, who is single, sustains an NOL of 7,800 in 2019. The loss is carried forward to 2020. For...
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![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
-
Emily may use $
gross income of $
$2,619
8,730
17,460
$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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fff9a8116-17b3-4986-8f5e-fae32eb6fa60%2F0a58be28-f70b-4a63-b044-348e819efb77%2Fh0grfwl_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
-
Emily may use $
gross income of $
$2,619
8,730
17,460
$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
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