What should I do if my deductions exceed income earned?
If your deductions exceed income earned and you had tax withheld from your paycheck, you might be entitled to a refund.
You may also be able to claim a net operating loss (NOLs). A Net Operating Loss is when your deductions for the year are greater than your income in that same year. You can use your Net Operating Loss by deducting it from your income in another tax year. Whether you can deduct a NOL from a tax year depends on the type of deductions you have.
To qualify for a Net Operating Loss, the loss you have incurred should be caused by deductions from:
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You've got your forms. And we've got your back. There's only one thing left to do. Let's do this.
So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.