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I'm afraid it depends on the source of the itemized deductions.
In general, if both your net income (AGI less itemized deductions) and your "business net income" ("business" income less "business" deductions) are both negative, the lesser loss can be carried over as a Net Operating Loss (NOL).
For Federal purposes, the default is that the loss can be carried back 2 years, and then forward for some number of years until used up, although you can elect (on a timely filed return) to forgo the carryback.