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

JaMorri
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
IRonMaN
Level 15

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

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)

View solution in original post

3 Replies 3
IRonMaN
Level 15

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

ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)

View solution in original post

JaMorri
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!

JaMorri
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