Question
Net Operating Loss After S-Corporation Closed
Hello All!
I was 100% shareholder in an S-Corporation. The corporation closed at the end of 2022. A final K-1 was issued & the other requirements for closing the business were met.
When filing the 2022 personal income tax, I had a NOL on Form 1045. It was not used by the tax program in 2022 because of low personal income.
For 2023, our (filing jointly) personal taxable income will be zero because our deductions exceed our income. As far as I can learn, the NOL carry-forward will not be useful for 2023 income tax returns.
Can I skip the NOL carry-forward and use it in future years?
Thanks For Helping!
