Hi, I heard I'd be able to do this from one of my friends and I'm wondering if this is true. 2005---> I made 500,000 2006---> I made 500,000 2007---> I made 100,000 2008 ---> I lost 150,000 Someone told me that I'd be able to get back 35% of 150,000 because back in 2006 I was in the 35% bracket. Is this true? Thanks
Ask your accountant about doing a net operating loss carryback, he might be able to do some juggling and get you a refund, I do not know about 35%.