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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
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We have a NOL on our 2012 Form 5500 of negative $250,000+.

Customer Question

We have a NOL on our 2012 Form 5500 of negative $250,000+. How much of this NOL can we deduct from our 2015 income on our Form 1040?
Submitted: 1 year ago.
Category: Tax
Expert:  Jonathan Tierney replied 1 year ago.
Hi, my name is ***** ***** I can help. Form 5500 is used to report employee benefit plans. Most plans are either tax-deferred or Roth-type plans where the contributions are paid after tax but the investment earnings are tax-free if certain conditions are met. Is the NOL you are talking about in a retirement plan?