Question: Answer True or false 1) For taxable years beginning after December 31,2020, a net operating loss can be carried forward only and can offset no

Answer True or false

1) For taxable years beginning after December 31,2020, a net operating loss can be carried forward only and can offset no more than 80% of taxable income in a subsequent year.

2) A taxpayer's earned income credit is computed using the number of any qualifying children.

3) f a taxpayer has a qualified business loss in one year, no QBI is allowed and the loss is not carried over the next year to reduct QBI (but not below zero).

4 The earned income credit is a refundable credit.

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