Question

In 2017, Lisa calculated a ($46,473) NOL on her Form 1045, Schedule A. Lisa wants to carryback her 2017 NOL to 2015. In 2015, Lisa filed single, had no dependents, took the standard deduction, and her AGI reported on her Form 1040, line 37, was $63,196. Lisa's 2015 income tax was $9,013 and her 2015 self-employment tax was $9,608. Using Form 1045, pages 1 and 2, carryback Lisa's 2017 NOL to 2015 and calculate her refund.

	$8,360.
	$8,365.
	$8,370.
	$8,375.

Answer 1

	Income Tax in 2015
	AGI (before Standard deduction)	$ 63,196.00
	Less: Standard deduction (As per federal tax rates in 2015)	$   6,300.00
	Less: Personal Exemption(As per federal tax rates in 2015)	$   4,000.00
	Taxable Income	$ 52,896.00
	Tax rate ($37451-$90750)=$5156.25+25% of amount over $37451
	($52896-$37451)*25%+$5156.25	$   9,017.50
	Carryback NOL of 2017 against 2015 income=($52896-$46473)=	$   6,423.00
	Tax on ($6423)*10% if income between(0-$9225)	$       642.30
	Refund=($9017-$642)	8375.2
	Refund=($9017-$642)	$   8,375.00
	Single:
	Taxable Income	Tax Rate
	$0 to $9,225	10%
	$9,226 to $37,450	$922.50 plus 15% of the amount over $9,225
	$37,451 to $90,750	$5,156.25 plus 25% of the amount over $37,450
	$90,751 to $189,300	$18,481.25 plus 28% of the amount over $90,750
	$189,301 to $411,500	$46,075.25 plus 33% of the amount over $189,300
	$411,501 to $413,200	$119,401.25 plus 35% of the amount over $411,500
	$413,201 or more	$119,996.25 plus 39.6% of the amount over $413,200
	The standard deduction is subtracted from your Adjusted Gross Income (AGI), thereby reducing your taxable income. For tax year 2015, the standard deduction amounts are as follows:
	Filing Status	Standard Deduction
	Single	$6,300
	For tax year 2015, the personal exemption amount is $4,000 (up from $3,950 in 2014).