User Account

All Pages

How much of the NOL carryforward can Emily use

Assignment Help Accounting Basics
Reference no: EM132606318

Question - Emily, who is single, sustains an NOL of $18,400 in 2019. The loss is carried forward to 2020. For 2020, Emily's income tax information before taking into account the 2019 NOL is as follows:

Adjusted gross income - $92,000

Itemized deductions:

Medical [$11,040 - (10% x $92,000)] - $1,840

Taxes - 13,800

Interest expense on home mortgage - 27,600

Total itemized deductions - (43,240)

Taxable income - $48,760

The 2019 single standard deduction is $12,000; Emily's itemized deductions will exceed the 2020 single standard deduction (after adjustment for inflation). The medical expense AGI floor is 10% in 2020.

How much of the NOL carryforward can Emily use in 2019?

What is her adjusted gross income?

What is her taxable income?

Reference no: EM132606318

Questions Cloud

Make journal entry to record transaction for cheryl fereday : Prepare journal entries to record the transactions. Include a brief description for each entry. Completed a beam design and billed the client for $3,000
Prepare the General Journal entry for January entry : The issue price was $7.50 per share. Use this information to prepare the General Journal entry (without explanation) for the January 2 entry
Would expect bonds that pay semi-annual coupons : Would you expect bonds that pay semi-annual coupons to sell at a higher or lower price than equivalent bonds that pay an annual coupon?
How should the company allocate the best supervisor : Excellent Co. Ltd, How should the company allocate the best supervisor to the various zones in order to maximize its total annual turnover?
How much of the NOL carryforward can Emily use : Emily, who is single, sustains an NOL of $18,400 in 2019. The loss is carried forward to 2020. How much of the NOL carryforward can Emily use in 2019
BUMGT 5920 Management in a Global Business Environment : BUMGT 5920 Management in a Global Business Environment Assignment Help and Solution, Federation University - Assessment Writing Service
Identify the basic principles of marketing : Identify the basic principles of marketing. Identify both the potential target market and the potential market segment that a business intends to reach.
How much can she claim for moving expenses : Maxine used to work and live in Alberta but has accepted a new job in Ontario. How much can she claim for moving expenses
Animal behavior works in the nervous system : The concept of being able to make associations is the entire way animal behavior works in the nervous system.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How many TV remote controls must be sold in a month

How many TV remote controls must be sold in a month in order to minimize the company's cost? What is that minimum cost

  Prepare estimated contribution margins by product line

"On the brightside," the vice-presidentof sales reports,"we have firmorders  for 35,000cartons ofcomputerpaper, not 30,000as we originallyfigured."

  Prepare a report for the managing director

Prepare a report for the Managing Director of your company explaining how costs may be classified by their behavior, with particular reference to the effects both on total and on unit costs.

  Company uses the retail inventory method to estimate

company uses the retail inventory method to estimate inventory for interim financial statements. cost retail beginning

  Identify stakeholders and the impact of the proposed change

Prepare an annotated bibliography. See Course Content for more information and sample annotated bibliography. Identify stakeholders and the impact of the proposed change on each of the stakeholders (comment letters may provide good insight).

  Compute the amount of the inventory at december 31

On December 31, 2011, the inventory at prices existing on that date was $195,500, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method.

  How many units were transferred out of the process in june

In the month of June, a department had 20,000 units in beginning work in process. How many units were transferred out of the process in June?

  Discuss entry to record the companys payroll tax expense

Prepare the entry to record the companys payroll tax expense, Prepare the necessary March 31 journal entry to record salaries and wages expense

  Define the term burn rate

Define the term "ROBS" and "HELOC" and how they are used to finance a small business.What does it mean to Train your Customers"

  A business received an offer from an exporter for 20000

a business received an offer from an exporter for 20000 units of product at 15 per unit. the acceptance of the offer

  The marinade department began the period with 125000 units

the marinade department began the period with 125000 units. during the period the department received another 180000

  Explain what you think is the most important control

describe what you think is the most important control activity that a company can implement. why do you think that the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd