Solved: If I have a Federal carryover loss, do I also record this loss on the Massachusetts tax forms or is the income figure imported from IRS 1040 already reflecting the loss?
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Level 1

If I have a Federal carryover loss, do I also record this loss on the Massachusetts tax forms or is the income figure imported from IRS 1040 already reflecting the loss?

Currently there is no amount appearing in the box for ‘Carryover Losses From Prior Years’ showing on my Massachusetts form.
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Level 3

If I have a Federal carryover loss, do I also record this loss on the Massachusetts tax forms or is the income figure imported from IRS 1040 already reflecting the loss?

The carryover loss is already reflected in your Form 1040, so entering it for MA would be taking it twice.

To double-check:

1.       Go to Tax Tools on the left-hand side.

2.       Go to Tools.

3.       Go to View Tax Summary.

4.       Click Preview my 1040 from the left-hand side.

If your loss has been subtracted from your federal income, and that amount has been transferred to your MA return, then it worked right.

 


View solution in original post

1 Reply
Level 3

If I have a Federal carryover loss, do I also record this loss on the Massachusetts tax forms or is the income figure imported from IRS 1040 already reflecting the loss?

The carryover loss is already reflected in your Form 1040, so entering it for MA would be taking it twice.

To double-check:

1.       Go to Tax Tools on the left-hand side.

2.       Go to Tools.

3.       Go to View Tax Summary.

4.       Click Preview my 1040 from the left-hand side.

If your loss has been subtracted from your federal income, and that amount has been transferred to your MA return, then it worked right.

 


View solution in original post

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