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How much of the NOL carryforward can Emily use

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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

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