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In 2017, Brennon calculated a ($18,942) NOL on his Form 1045, Schedule A. Brennon wants to...

In 2017, Brennon calculated a ($18,942) NOL on his Form 1045, Schedule A. Brennon wants to carryback his 2017 NOL to 2015. In 2015, Brennon filed single, had no dependents, took the standard deduction, and his AGI reported on his Form 1040, line 37, was $46,210. Brennon's 2015 income tax was $4,928 and his 2015 self-employment tax was $7,026. Using Form 1045, pages 1 and 2, carryback Brennon's 2017 NOL to 2015 and calculate his refund. $2,820. $2,828. $2,835. $2,843.

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Answer #1
General After Loss carryback
2015 2015
AGI 46210 AGI 46210
Less: Standard deduction -6300 Less: Loss Carryback amount(2017) -18942
Less: Personal exemption -4000 Less: Standard deduction -6300
Taxable income 35910 Less: Personal exemption -4000
Tax on above as per 2015 tax table $        4,928 Taxable income 16968
Tax on above as per 2015 tax table $        2,085
Difference (4928-2085) $        2,843
So refund amount will be $2843 Option D

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