Follow your favourite podcasts, listen offline and in the car with CarPlay and Android Auto, and always pick up where you left off. Free to try.
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn: - Post-2017 Net Operating Losses (NOLs) have an indefinite carryforward period but generally cannot be carried back. - The deduction for post-2017 NOLs is limited to 80% of the taxable income in the carryover year, calculated before the NOL deduction itself. - Pre-2018 NOLs follow older rules: a 2-year carryback and a 20-year carryforward, with the ability to offset 100% of taxable income. - Specific exceptions exist, such as a 2-year carryback for certain farming losses, which are common exam trick questions. - Use the mnemonic "After '17, NOLs go on for infinity, but they're only eighty percent mighty" to remember the indefinite carryforward and 80% limitation for post-2017 NOLs.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep
