Discussion:Dependent return with loss carryfoward
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Revision as of 23:15, 3 March 2009
Discussion Forum Index --> Basic Tax Questions --> Dependent return with loss carryfoward
Discussion Forum Index --> Tax Questions --> Dependent return with loss carryfoward
Tiredoftaxes (talk|edits) said: | 3 March 2009 |
| I have a client whose child was required in 2007 to file a tax return because he had gross proceeds from sale of stock over $7000. The 2007 return was filed with a 2008 loss carryfoward of $3363. In 2008, the child only had dividend income of $53, Capital gain income of $97 and interest income of $111. All that is below the filing threshold for a dependent in 2008. Do I need to file a return to keep the loss carryforward going?
Also, when put information on return, the Capital gain of $97 gets netted with the loss carryfoward of $3363 on schedule D. That then reduces carryfoward to 2009 to $3266. But that doesn't make sense since the tax is zero and none of the loss is needed to be used. What am I missing. Any help would be appreciated. | |
