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I am surrendering the life insurance policy that has a 10% penalty plus taxes on gains. I also have a net operating loss (NOL). Can I use the NOL to eliminate the penalty?


ANSWER


Expert Michael Guarnieri's Answer:

Net Operating Losses can only be applied against income, not penalties which are shown on page 2 of the 1040 after the tax. 

Michael Guarnieri, CPA

New York

10 yrs experience

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