When a net operating loss is carried forward, the net operating loss can affect the medical expense deduction of that year.

Question

Quizplus · Accepted Answer

A net operating loss (NOL) can reduce the taxpayer's taxable income in the year the loss is incurred and in subsequent years. If the NOL is carried forward to a subsequent year, it can reduce the taxpayer's taxable income in that year, which can in turn affect the taxpayer's medical expense deduction.

When a Net Operating Loss Is Carried Forward, the Net