Ruth,age 66,sustains a net operating loss (NOL)of $15,000 for 2016.Because Ruth had no taxable income in 2014,the loss is carried back to 2015.For 2015,the joint income tax return of Ruth and her husband was as follows:
Salary
$20,000
Interest income
5,000
Net short-term capital loss
(2,000)
AGI
$23,000
Itemized deductions
Charitable contributions
$4,000
Medical expenses [$2,575 - ($23,000 × 10%)]
275
Interest
5,000
Taxes
2,500
(11,775)
Personal exemptions (2 × $4,000)
(8,000)
Taxable income
$ 3,225
Calculate Ruth's remaining 2016 NOL to be carried to 2017.

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The Answer of Ruth,age 66,sustains a net operating loss (NOL)of $15,000 for 2016.Because Ruth had no taxable income in 2014,the loss is carried back to 2015.For 2015,the joint income tax return of Ruth and her husband was as follows:
Salary
$20,000
Interest income
5,000
Net short-term capital loss
(2,000)
AGI
$23,000
Itemized deductions
Charitable contributions
$4,000
Medical expenses [$2,575 - ($23,000 × 10%)]
275
Interest
5,000
Taxes
2,500
(11,775)
Personal exemptions (2 × $4,000)
(8,000)
Taxable income
$ 3,225
Calculate Ruth's remaining 2016 NOL to be carried to 2017.

Ruth,age 66,sustains a Net Operating Loss (NOL)of $15,000 for 2016