True or False

1. For 2022, a net operating loss can be carried back three years or carried forward five years. Answer:

2. Commuting to and from your primary job location is not a deductible expense. Answer:

3.When applying the limitations of the passive activity rules, a taxpayers AGI is classified into active income, portfolio income and passive income. For this purpose, portfolio income includes dividends, interest, annuities, and royalties.