Personal Finance and Investing

progree

(11,579 posts)

19. Carryover losses - your broker was right, it didn't come from them

Reply to question everything (Reply #17)

Thu Feb 11, 2021, 02:21 PM

Feb 2021

Next. I downloaded 1099 from my broker which included, in addition to Interest and Dividend and Capital Loss also.. carryover losses. From where? I did not have any. My broker insisted that it did not come from them. A specialist suggested to go to the Tools and delete this carryover loss form. Did not do anything. So I went out, tried again and the third time was the charm - it was not there. Still not clear where it came from.

Brokerages don't keep track of that because they can't -- carryover losses are based on the sum of all losses from all sources of losses (I have 3 brokerages - Vanguard, Fidelity, Schwab), so any given brokerage won't know about the losses from the other brokerages. Nor would they know your tax history, i.e. carryover losses depend on the previous year less this year's net gains and losses less the $3,000 regular income thingy ...

The starting carryover loss can only come from your prior year's tax return.

It started with Form 8606, I could not find it. A specialist told me that this year one had to download and mail it separately... What nonsense. I finally found it.

Mail one form in separately? The specialist must have been joking. I have never heard of electronically filing a return that is missing a form, and then snail-mailing in the missing form! I thought it was all or nothing -- either file the whole return electronically, or snail-mail in the ENTIRE tax return.

And yuh, Form 8606 is one of the forms that is part of my tax return every year, sigh.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

27 replies

= new reply since forum marked as read

Highlight:

Besides TurboTax, who else does taxes online, both Federal and State? [View all] question everything Feb 2021 OP

I used tax slayer last year and will again Wawannabe Feb 2021 #1

Thanks, may give them a try question everything Feb 2021 #3

I Have Used H&R Block Online But Much Prefer TurboTax Home and Business Edition Indykatie Feb 2021 #2

Go to IRS.gov snowybirdie Feb 2021 #4

Thanks. But then I still have to do my state which requires a copy of the question everything Feb 2021 #6

I believe you can snowybirdie Feb 2021 #13

I NEVER file taxes on line Crazyleftie Feb 2021 #5

I am beginning to suspect this, too question everything Feb 2021 #7

I do. bearsfootball516 Feb 2021 #8

Thanks. Looks promising question everything Feb 2021 #9

I use TaxAct too, JenniferJuniper Feb 2021 #10

At this point cost is not the point for me. TT has had so many problems question everything Feb 2021 #12

I use TurboTax and get the CD. Nothing on line... My returns are simple and it's like talking mitch96 Feb 2021 #11

I've used Tax Act for years. Never had any COLGATE4 Feb 2021 #14

I use ClickTaxPro RoadRunner Feb 2021 #15

What does TurboTax say about all this? progree Feb 2021 #16

Glitches in the system that no "specialist" could resolve. And I have used them for 20 years! question everything Feb 2021 #17

Thanks much for the detail, very much appreciated progree Feb 2021 #18

Carryover losses - your broker was right, it didn't come from them progree Feb 2021 #19

I did not have carryover losses since the early 2000 after the dot.com collapse question everything Feb 2021 #20

I actually use an accountant. PoindexterOglethorpe Feb 2021 #21

I still file paper returns bucolic_frolic Feb 2021 #22

Yes, they keep changing question everything Feb 2021 #23

The line 3b I was referring to is from the Tax Loss Carryover Worksheet, line 4. bucolic_frolic Feb 2021 #24

Did you recevie the recent letter from the IRS? Mine is dated Feb 17 question everything Feb 2021 #25

No haven't received that notice bucolic_frolic Feb 2021 #26

Might be worth contacting your member of Congress question everything Feb 2021 #27