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Deductions & credits
No, your carryover should be reduced by $1560. The $1440 amount should be retained in the carryover for next year since you were not able to utilize it.
I am unaware how you can get rid of the loss carryover provision other than earned a substantial of capital gains income and then let it completely absorb the entire carryover amount. Other than this, I am not sure why you even would want to get rid of this if you expect to earn capital gains in the future. Perhaps, I am misinterpreting your question.
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March 19, 2024
4:11 PM
7,299 Views