Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

PROSERIES FORM 1041 CAPITAL LOSS CARRYOVER

Level 2

 THE TRUST HAS A CAPITAL LOSS CARYOVER FROM A PRIOR YEAR IN EXCESS OF $41K.  THE CAPITAL LOSS DEDUCTION IS CORRECTLY LIMITED TO $3K ON THE FORM 1041, PAGE 1 LINE 4.  HOWEVER, THE CAPITAL LOSS CARRYOVER WORKSHEET IS NOT REDUCTING THE CARRY FORWARD TO NEXT YEAR BY $3K.  HAS ANYONE ELSE RAN INTO THIS ISSUE?

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Level 15

If the $3000 wasn't used, why wouldn't it carry over?

This week's special - free roadrunner dinner with every return (legal disclaimer - you catch it and we'll cook it)

View solution in original post

3 Replies 3
Level 15

If the $3000 wasn't used, why wouldn't it carry over?

This week's special - free roadrunner dinner with every return (legal disclaimer - you catch it and we'll cook it)

View solution in original post

Level 2

Yes, thank you for checking back.  With your response, I was able to go back and review the return, and the Summary, and because the $3k loss was not used in the current year, it does not reduce the carry forward. It is always so confusing because it shows up on page 1 as a $3k loss, and so I automatically assume the carry forward should be reduced.   It even stumps the attorneys. 

 

Thanks!

Level 2

Thanks, you are correct, it was not used because I had taxable income of $3,300, so I see why I am not loosing the $3,000 in losses