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Author: dawtrey1 Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121096  
Subject: Form 1041 Loss carry forward Date: 2/20/2005 2:23 PM
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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!!!
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