Skip to main content
toofan1
May 14, 2024
Solved

Can i use NOL carryover to offset my social security

  • May 14, 2024
  • 1 reply
  • 0 views
I have a big NOL carry over for 2024 but no business anymore! I Just have Social security benefits in 2024 and a little interest income. Will I be able to use my NOL carry over to reduce my social security income? What happens with my unused NOL carryover if I don’t t get into any business in the future? Will I lose it altogether?
Best answer by Critter-3

Sorry but the NOL will simply carry forward if there is no taxable income for  it to be applied against.  If you are below the filing requirement going forward you will not lose the NOL however you will not have any use for it either. 

1 reply

Critter-3
Critter-3Answer
May 18, 2024

Sorry but the NOL will simply carry forward if there is no taxable income for  it to be applied against.  If you are below the filing requirement going forward you will not lose the NOL however you will not have any use for it either.