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Index/Topics/Federal Income Tax

Federal Income Tax

The calculation and payment of federal income tax, including the role of net operating loss carryforwards

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Jan 17, 2026
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How do New York’s rules treat federal and state government pensions differently from private pensions?

New York exempts pensions paid by New York State and local governments, and by the federal government (including military), from state income tax, while private pensions and distributions from IRAs/40...

Jan 31, 2026
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How do net operating loss carryforwards and other deductions legally reduce an individual’s federal income tax to zero?

(NOL) carryforwards and ordinary deductions reduce an individual’s taxable income—the base on which is calculated—potentially driving tax liability to zero, but current law places hard limits on how m...