Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I'm working on my dad's taxes. He typically has about a $500 loss on some farmland he owns in Northern Michigan. This year, he converted an IRA to a Roth and his income is a lot higher than usual - about $250k. The loss isn't showing up in the tax software as a credit (it's showing 0). Is it because his income is too high? I can't find any input errors.

Thanks!
Print the post Back To Top
No. of Recommendations: 1
The loss isn't showing up in the tax software as a credit (it's showing 0). Is it because his income is too high?

Yes. You should find the software has produced Form 8582. The loss is carried forward. See Pub 925.

Phil
Rule Your Retirement Home Fool
Print the post Back To Top
No. of Recommendations: 0
Thanks!!
Print the post Back To Top