Carryover loss tax question?

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EdLaFave
Posts: 275
Joined: Fri Dec 26, 2014 2:31 am

Carryover loss tax question?

Post by EdLaFave » Mon Feb 12, 2018 9:48 pm

I'm working on my taxes (by hand). I'm trying to carry over losses from a previous year and I assume that means Line 13 on form 1040 will ultimately be set to -3,000. However, when reading through the instructions, it isn't clear how I'm supposed to get to that end result?

Line 13 instructs me to fill out Schedule D. Since I received qualified dividends this year, Schedule D instructs me to fill out the Qualified Dividends and Capital Gain Tax Worksheet. The Qualified Dividends and Capital Gain Tax Worksheet instructs me not to complete the worksheet until I've reached Line 43 in Form 1040.

Am I making an obvious mistake? Was my original assumption, that Line 13 is supposed to represent the application of a 3,000 loss, incorrect?

It sounds like Line 13/Schedule D is telling me to fill out a worksheet that I can't fill out until I get to Line 43, but I can't get to Line 43 until I fill out Line 13. What am I missing?
Last edited by EdLaFave on Mon Feb 12, 2018 9:55 pm, edited 1 time in total.

livesoft
Posts: 59152
Joined: Thu Mar 01, 2007 8:00 pm

Re: Carryover loss tax question?

Post by livesoft » Mon Feb 12, 2018 9:54 pm

Fill out Schedule D which has nothing to do with dividends. The Schedule D output ends up on Line 13 i think.

Schedule B is where dividend income goes and flows to line 9a, 9b.

Schedule D is NOT the Capital Gain and Dividend Tax worksheet. I'm looking at Schedule D and there are things to skip. The form and instructions look pretty clear to me. Form 1040 Line 13 gets a number before you get to Schedule D Line 22.
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EdLaFave
Posts: 275
Joined: Fri Dec 26, 2014 2:31 am

Re: Carryover loss tax question?

Post by EdLaFave » Mon Feb 12, 2018 10:02 pm

livesoft wrote:
Mon Feb 12, 2018 9:54 pm
The Schedule D output ends up on Line 13 i think.
Thanks. I must just be tired.

I ultimately didn't follow the instructions on Schedule D correctly. I ignored the instructions right after Line 16 that told me to go to Line 21, which ultimately caused me to never reach Line 21. Line 21 is the line that tells you to fill in Line 13 on Form 1040.

Thanks again for your help.

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