Can I use part of 13,000 capital loss carryover from 2016 if our 2017 income is 10,000 (with 2,400 withholding) and 44,000 soc security; TurboTax calculates 2,400 refund?
Recently retired, income only 10,00 from p/t job. Majority of income from Soc Security, (44,000). Fed. tax withholding 2,400. Turbo tax calculates that tax refund will be the amount of tax withheld, 2,400.
Can I use part of 13,000 capital loss carryover from 2016 if our 2017 income is 10,000 (with 2,400 withholding) and 44,000 soc security; TurboTax calculates 2,400 refund?
Yes, your previous year's capital losses can be used to offset capital gains and or other income for up to $3,000 or $1,500 married filing separately.
Can I use part of 13,000 capital loss carryover from 2016 if our 2017 income is 10,000 (with 2,400 withholding) and 44,000 soc security; TurboTax calculates 2,400 refund?
Yes, your previous year's capital losses can be used to offset capital gains and or other income for up to $3,000 or $1,500 married filing separately.
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