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Author: bpd Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121148  
Subject: Amended tax return questions Date: 3/6/1998 11:29 AM
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I am in the situation of wanting to file amended returns for 1995 and 1996 due to a capital loss which was not reported in 1995. I know I need to file 2 copies of 1040-X, one for each year, and also a Schedule D for each year.

Here's the question. In 1995, I used 1040-EZ rather than 1040. Since 1040-EZ cannot be used when filing a Schedule D, do I need to also submit a newly filled out 1995 1040 as well?

My brother and sister are in the same situation (of needing to amend returns due to the 1995 loss), but their earned income in 95 was low enough that they did not file tax returns for that year. I am guessing that in addition to the 1040-X and Sch D, we will have to fill out a 1995 form 1040 for each of them. Is this correct?

Is there any other thing I may be missing? I'm aware of the 3 year deadline for filing amended returns.

Thanks,

Ben
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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 2507 of 121148
Subject: Re: Amended tax return questions Date: 3/9/1998 9:55 AM
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[[I am in the situation of wanting to file amended returns for 1995 and 1996 due to a capital loss
which was not reported in 1995. I know I need to file 2 copies of 1040-X, one for each year, and
also a Schedule D for each year.

Here's the question. In 1995, I used 1040-EZ rather than 1040. Since 1040-EZ cannot be used
when filing a Schedule D, do I need to also submit a newly filled out 1995 1040 as well?]]

That would certainly be your best course of action. Complete and attach the full 1040 as backup computations to your amended return.

[[ My brother and sister are in the same situation (of needing to amend returns due to the 1995 loss),
but their earned income in 95 was low enough that they did not file tax returns for that year. I am
guessing that in addition to the 1040-X and Sch D, we will have to fill out a 1995 form 1040 for
each of them. Is this correct?]]

Again, yes. Depending upon their AGI, they may or may not have to take the $3k capital loss, and may have a larger carryover.

For additional infomration on amended returns, see IRS Form 1040x and instructions. You might also want to check out IRS Publication 556.

TMF Taxes
Roy

SPECIAL NOTE: I try to answer as many questions as I can each week, and I generally select those that have not been asked before. If you don't get a detailed answer to your question, it is probably because my time is so limited during tax season, or because it has already been asked and answered in this folder in the past, or because it has been discussed in the Taxes Frequently Asked Questions area. In order to visit the Taxes FAQ area, go to the Fool's School area (http://www.fool.com/school.htm) and check out "Other Features" in the list box, OR you can jump directly to the Taxes FAQ area (http://www.fool.com/school/taxes/taxes.htm). Additionally, if any references were made to the IRS Web Site, you can get there by pointing your web browser to (http://www.irs.ustreas.gov)




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