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Would filing a capital loss of $3000 make a huge difference on the amount due of a federal tax return?

 
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AnnetteB
Intuit Alumni

Would filing a capital loss of $3000 make a huge difference on the amount due of a federal tax return?

Here is a thought.  If you have W-2 income entered on your tax return, change the amount shown in box 1 (by subtracting $3000) temporarily to simulate claiming the $3000 carryover loss.  This will give you some idea of how your return might change.  Do not forget to change the amount back

Also, be aware that if you decide not to claim the $3000 loss on the 2017 return, you must still reduce the carryover by $3000 as if you did claim it.  You cannot simply skip a year and claim it later. 


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5 Replies

Would filing a capital loss of $3000 make a huge difference on the amount due of a federal tax return?

Everyone is different but it might.  Did you already file without it?

Would filing a capital loss of $3000 make a huge difference on the amount due of a federal tax return?

No I haven't. In order to report capital losses, I need to purchase the premier package. I am debating whether or not it would be worth it because the Premier package is $80

Would filing a capital loss of $3000 make a huge difference on the amount due of a federal tax return?

Is this a carryover Capital loss from 2016?  Or new sales you need to add?

Would filing a capital loss of $3000 make a huge difference on the amount due of a federal tax return?

It is a carryover capital loss from 2016
AnnetteB
Intuit Alumni

Would filing a capital loss of $3000 make a huge difference on the amount due of a federal tax return?

Here is a thought.  If you have W-2 income entered on your tax return, change the amount shown in box 1 (by subtracting $3000) temporarily to simulate claiming the $3000 carryover loss.  This will give you some idea of how your return might change.  Do not forget to change the amount back

Also, be aware that if you decide not to claim the $3000 loss on the 2017 return, you must still reduce the carryover by $3000 as if you did claim it.  You cannot simply skip a year and claim it later. 


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