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I have a net operating loss I have been carrying forward.

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This past year I was...
I have a net operating loss I have been carrying forward. This past year I was paid by 1099. Do I still owe employment tax or will the NOL wipe it out?
Submitted: 1 year ago.Category: Tax
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Answered in 2 minutes by:
3/5/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,871
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

NOL carryovers and/or carrybacks have no affect on the self-employment tax liability of the year to which they are carried. You would still owe and SE tax on self employment.

IRC section 1402(a)(4).

My goal is to give you excellent service.
Your positive rating is thanks enough.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

Please let me know if you need clarification

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Robin D.
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Category: Tax
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