Question 5 Question 6 In 2015, Phil incurred an NOL, carried his 2015 NOL back t

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Question 5

Question 6

In 2015, Phil incurred an NOL, carried his 2015 NOL back to 2013, was able to deduct a portion of 2015 NOL in 2013, and calculated an NOL carryover of ($20,041) on his Form 1045, Schedule B.
Phil is now carrying over his unused 2015 NOL carryover to deduct in 2014. In 2014, Phil filed single, had no dependents, took the standard deduction, and his AGI reported on his Form 1040, line 37 was $22,173. Phil's 2014 income tax was $1,350 and his 2014 self-employment tax was $2,840.
Using Form 1045, pages 1 and 2, carry Phil's unused 2015 NOL over to 2014 and calculate Phil's refund.

Explanation / Answer

The answers for the above qtns would be:

Q4 : Option C $ 1350

Q5 : Option A $ 3000

Q6 : Option D $ 3465

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