Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev | Next
Author: 4thebird Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: k1 pit fall to check Date: 3/13/2014 11:27 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
If you are using turobtax one of the pitfalls of using the idiot mode is that sometimes it does not carry forward the losses not taken. so when you sell it the gain is not offset.

to avoid this, go into manual mode and make sure everything on the k1 from year to year is listed, and the carry forward is working for each year. other wise you will be like me spending the last few weeks figuring out where the carry forward for each k1 was missed and having to fix it in some cases for 7 years!

the flip side of this is that you can also get some idea what company is getting too much off set and you can sell a little to take advantage of it. the only bad is that the state of mass will not let this be long term gain, charge 12% regardless. or I have missed something and am still working on the answer for now.

ideas and bricks welcome.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement