For $2024,$ the maximum amount of taxable income that can be offset with non$-$farm net operating loss $($NOL$)$ deductions is $\_\_\_\_\_\_\_\_\_\_.$

$80\%,$ and the NOL can be carried forward indefinitely.

$100\%,$ and the NOL can be carried forward indefinitely.

$80\%,$ and the NOL must be carried back five years with any remaining amount carried forward to future years.

$100\%,$ and the NOL carryforward is limited to five years.