I am amending my taxes as I took the lazy way out and I am trying to do them right. We have a band - it draws income, but not more than what it costs us to have the band - we have a net operating loss every year. My NOL isn't more than my income from my W-2 job, so I shouldn't have carryback, right? Or is the NOL carrybacks only for the band income and my job doesn't count. I am so confused. IF I could afford a pro, I wouldn't be doing this, so please spare me the advice of a getting a pro. Thanks.
Net Operating Loss Carrybacks?
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