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03-28-2009, 02:22 AM
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 Re: Capital loss on mutual fund sales zxcvbob wrote: - quote - > I'm doing DD's federal taxes; she is a college student and had very > little income last year. In round numbers, $250 in wages, $2000 from > US Savings Bonds, and $100 in bank interest. She also had a $4500 > loss on a mutual fund sale. Do we have to write off $3000 this year > and only carry [$1500] forward to next year? (I guess that's better > than having to write off the whole $4500 this year) > Or can she take $2000 of the loss this year (the amount that drives > her tax liability to zero) and carry over [$2500]? > Thanks, > Bob Looks like the carry-over calculations are more complicated than I thought. The line 41 income (if negative) gets added back into a carry-over worksheet at the bottom of schedule D. That's not as good as it could be, but it answers my question, and it's not bad. Bob -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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