Say you have a substantial net operating loss (NOL) carryforward for your Federal 1040 and you have only very small amount of income to take against that NOL carryforward in the current tax year. Is there any option to apply only a partial amount of NOL carryforward to the current year and then continue to carry the remaining loss forward? The idea here is that small amounts of income in the current year are in a lower tax bracket. It might be smarter to take the NOL forward to a year with substantial income, so that it is being used to lower your overall tax bracket and has impact in the higher margins of income.
nish