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MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Just to clarify. I understood that each prior year NOL carryover

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Just to clarify. I understood that each prior year NOL carryover would be limited to $49,700. However, it seems like you are saying $49,700 total. Thanks!
Hi and welcome to JustAnswer:

The $49,700 is the current allowed loss. The attached schedule will show the total NOL and the calculation of the current allowed NOL. Each year you will attach a schedule and will include information regarding the original NOL, losses applied to prior years, amount available and amount allowed in the current year.
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