Message Font: Serif | Sans-Serif
No. of Recommendations: 7
You say that none of the numbers on the return will change. But as long as Mick is going to go through the trouble of filing an amended return, why wouldn't he make the correction, and let it have the impact it's going to have -- presumably giving Mick a larger refund.

You misunderstood my post. Normally, you file an amended return when your tax liability changes. That is, you owe additional tax or are entitled to some money back. In the OP's situation, he took the full $3000 capital loss on his 2009 return, so including the long-term capital losses which he omitted from the original return won't change anything for 2009.

However, if he wants to use those carryforward losses in 2010, he must establish them on his 2009 return. So, he files the amended return with a corrected Schedule D. The numbers on the amended return won't change because there are very few numbers on the 1040X itself (perhaps you've never seen the form). The only change will be on the attached Schedule D.

I hope this makes things clearer.

Print the post  


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 Glassdoor #1 Company to Work For 2015! 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.