Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
curly1dp
New Member

Do i have to use my carried over 2017 loses in 2018 since my income is so low or can i save them to right off in another year?

 
1 Best answer

Accepted Solutions
VolvoGirl
Level 15

Do i have to use my carried over 2017 loses in 2018 since my income is so low or can i save them to right off in another year?

You have to report the carryover every year until it's used up.  You can't skip a year.  Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year.  You can't choose when to use it.

But If you have a negative AGI or negative taxable income it will show up on 1040  BUT it won't reduce the carryover to the next year.

View solution in original post

4 Replies
VolvoGirl
Level 15

Do i have to use my carried over 2017 loses in 2018 since my income is so low or can i save them to right off in another year?

You have to report the carryover every year until it's used up.  You can't skip a year.  Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year.  You can't choose when to use it.

But If you have a negative AGI or negative taxable income it will show up on 1040  BUT it won't reduce the carryover to the next year.
curly1dp
New Member

Do i have to use my carried over 2017 loses in 2018 since my income is so low or can i save them to right off in another year?

Thanks, I will look for that again, it looked reduced even though it appears deductions out way income?
VolvoGirl
Level 15

Do i have to use my carried over 2017 loses in 2018 since my income is so low or can i save them to right off in another year?

On the income page The 2018 column shows the carryover to 2019 (not your current loss for 2018).  Schedule D doesn't actually show the carryover amount. To find your  Capital Loss Carryover amount  you need to look at your  return schedule D page 2.  Line 16 will be your total loss and line 21 should be a max loss of 3,000.  The difference between line 16 and 21 is the carryover loss for next year.

There is also a Carryover Worksheet showing the carryover from the prior year and the current amounts.  Then there is also the Capital Loss Carry Forward worksheet showing the amount transferring over to next year.

In the Online version you have to save your return with all the worksheet as a pdf file to your computer to see the Capital Loss Carry Over and Carry Forward worksheets.

In the Desktop program you can go to Forms and find it in the list in the left column.
curly1dp
New Member

Do i have to use my carried over 2017 loses in 2018 since my income is so low or can i save them to right off in another year?

Thanks again, you are definitely in your element and beyond mine . I will look at that pdf.
Dynamic AdsDynamic Ads
Privacy Settings
v