|
#3
04-08-2006, 10:24 AM
| |||
| |||
 Re: Income <$3000, Capital LOSS >$3000 and TaxCut Phil Marti wrote: - quote - > "Jerohm" <jDrEmLoEhTrE[at]snet.net> wrote:
Next year when the OP uses TaxCut again (or another> > Assume lines 7-12 of Form 1040 total to LESS than $3000 of > > reported Income (and lines 14-21 are all 0) AND also > > suffered a Capital LOSS greater than $3000 as reported on > > line 16 of Sched D. > > > TaxCut assigns $3000 to line 21 on Sched D , and -$3000 to > > line 13 on Form 1040. Furthermore, it sums lines 7 - 21 of > > Form 1040, and reports a NEGATIVE NUMBER. > > > A) IS THIS CORRECT or should line 21, Sched D (and line 13, > > Form 1040) be limited to the value of the Income (the sum > > of 7-12). > It is correct. > > B) MORE IMPORTANTLY am I going to LOSE any potential loss > > carryover ($3000 - Reported Income) in future years?? > No. If you wind up with a neative number after applying > standard or itemized deductions, at least part of the line > 13 loss will carry forward. I don't know where TaxCut stores > this information, but rummage around for some sort of > carryover worksheet. software), he can import data from the previous year (name, SSN, address, etc.), at which point the loss will be carried forward. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#2
04-07-2006, 06:56 AM
| |||
| |||
| Re: Income <$3000, Capital LOSS >$3000 and TaxCut Jerohm wrote: - quote - > Assume lines 7-12 of Form 1040 total to LESS than $3000 of
It is correct.> reported Income (and lines 14-21 are all 0) AND also > suffered a Capital LOSS greater than $3000 as reported on > line 16 of Sched D. > TaxCut assigns $3000 to line 21 on Sched D , and -$3000 to > line 13 on Form 1040. Furthermore, it sums lines 7 - 21 of > Form 1040, and reports a NEGATIVE NUMBER. > A) IS THIS CORRECT or should line 21, Sched D (and line 13, > Form 1040) be limited to the value of the Income (the sum > of 7-12). > B) MORE IMPORTANTLY am I going to LOSE any potential loss > carryover ($3000 - Reported Income) in future years?? Missy Doyle << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#1
04-07-2006, 05:59 AM
| |||
| |||
| Re: Income <$3000, Capital LOSS >$3000 and TaxCut "Jerohm" <jDrEmLoEhTrE[at]snet.net> wrote: - quote - > Assume lines 7-12 of Form 1040 total to LESS than $3000 of
This is correct.> reported Income (and lines 14-21 are all 0) AND also > suffered a Capital LOSS greater than $3000 as reported on > line 16 of Sched D. > TaxCut assigns $3000 to line 21 on Sched D , and -$3000 to > line 13 on Form 1040. Furthermore, it sums lines 7 - 21 of > Form 1040, and reports a NEGATIVE NUMBER. > A) IS THIS CORRECT or should line 21, Sched D (and line 13, > Form 1040) be limited to the value of the Income (the sum > of 7-12). - quote - > B) MORE IMPORTANTLY am I going to LOSE any potential loss
No. You need to follow everything to the capital loss> carryover ($3000 - Reported Income) in future years?? carryforward worksheet. When you complete this worksheet, you should see that you won't use the full $3000 (if fact, you may not use any of it if you can claim your own personal exemption.) Ira Smilovitz << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
04-07-2006, 05:59 AM
| |||
| |||
| Re: Income <$3000, Capital LOSS >$3000 and TaxCut "Jerohm" <jDrEmLoEhTrE[at]snet.net> wrote: - quote - > Assume lines 7-12 of Form 1040 total to LESS than $3000 of
It is correct.> reported Income (and lines 14-21 are all 0) AND also > suffered a Capital LOSS greater than $3000 as reported on > line 16 of Sched D. > TaxCut assigns $3000 to line 21 on Sched D , and -$3000 to > line 13 on Form 1040. Furthermore, it sums lines 7 - 21 of > Form 1040, and reports a NEGATIVE NUMBER. > A) IS THIS CORRECT or should line 21, Sched D (and line 13, > Form 1040) be limited to the value of the Income (the sum > of 7-12). - quote - > B) MORE IMPORTANTLY am I going to LOSE any potential loss
No. If you wind up with a neative number after applying> carryover ($3000 - Reported Income) in future years?? standard or itemized deductions, at least part of the line 13 loss will carry forward. I don't know where TaxCut stores this information, but rummage around for some sort of carryover worksheet. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#-1
04-06-2006, 04:46 AM
| |||
| |||
| Income <$3000, Capital LOSS >$3000 and TaxCut Assume lines 7-12 of Form 1040 total to LESS than $3000 of reported Income (and lines 14-21 are all 0) AND also suffered a Capital LOSS greater than $3000 as reported on line 16 of Sched D. TaxCut assigns $3000 to line 21 on Sched D , and -$3000 to line 13 on Form 1040. Furthermore, it sums lines 7 - 21 of Form 1040, and reports a NEGATIVE NUMBER. A) IS THIS CORRECT or should line 21, Sched D (and line 13, Form 1040) be limited to the value of the Income (the sum of 7-12). B) MORE IMPORTANTLY am I going to LOSE any potential loss carryover ($3000 - Reported Income) in future years?? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| >$3000, <$3000, capital, income, loss, taxcut |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| file income tax with dependents' income and loss cshuieh7@yahoo.com: I plan to include dependents' income and loss into mine for my 2005 tax return. One dependent has capital gain income more than 1600, and the... | Taxes | 5 | 02-06-2006 06:59 AM | |
| capital loss loophole Shailesh Humbad: Suppose a person, John Doe, holds $10,000 in a taxable investment account, and $10,000 in a non-taxable Roth IRA investment account. During the... | Taxes | 2 | 02-29-2004 06:37 PM | |
| IRA Contributions above $3000 David Viles: I have no work retirement plan, and have contributed to a conventional IRA for 6 years now. Is it possible to contribute more than $3000 to any... | Taxes | 8 | 11-22-2003 12:19 AM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
