Message Font: Serif | Sans-Serif
No. of Recommendations: 2
I bet it was probably the form generated by a'carryover tax loss'.

Yes, a carryover loss is probably not considered 'simple'.

I also checked the link that you provided, for free tax assistance, it is enticing. I like to understand the 'why' behind each step of tax filing, so have persevered with self filing. Although, as I age, that may change. :)

At least at my site, the taxpayer sits with the volunteer for the entire time that everything is being filled out, and then, sits with a quality reviewer to go over everything again before they sign and the return is filed. You can ask all the questions that you want. And if you really want to understand the details, you can volunteer to do taxes yourself, and get training.🤓

Since you were so patiently informative...I'm going to ask 1 more question, hoping you will respond: hubby & I are retired. Our earned income is only $3000, thus our taxable income ends up being ZERO. Should we still include the investment carryover loss of $5800? I'm concerned if I don't include this carryover loss, we will lose it--meaning lose the chance to use 'this loss' when we do have increased income from our 401K required minimal distributions.

Yes, you do need to claim it, or you will lose the rest of the carryover. If it was a $5800 carryover from last year, then you will only have $2800 left - so that you will probably use the rest of it this year.

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.
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.