I have a capital loss carryforward from last year for the trust I am handling. I did not have any income to report this year because all of the funds in the trust are contained in an IRA tax shelter and no withdrawals were made. I was not able to use the carry forward this year because no tax was available for an offset. The rules say that you are not able to report a credit on a form K-1, and hence you are not able to carry the credit over to my form 1040. Am I correct to say that I could make a withdrawal from the IRa equal to or more than the credit and take the reduction on my next years return? Come on you smart tax fools. Help!!!
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Rat