Other Tax Questions
Questions and comments on other topics covered in Fairmark.com, such as UTMA accounts, and any tax questions that don't fit our other categories.
Capital loss Amendment - What needs to be included in 1040x?
Posted by: luaz, April 5, 2017 04:23AM
I recently discovered a small keying errors in yr 2014 capital losses (Schedule D & form 8949) that overstated net capital loss slightly. We had a huge loss that year, that it impacted the net capital loss carry forward amount.

After I did a recalculation and corrected both forms
(schedule D & form 8949), 1040x show that the numbers remain the same on form 1040, therefore the tax liability stay the same amount. The only thing that changed is the Net capital loss carry over amounts.

Question:
(1) Which forms do I need to file with 1040x? Do I need to include both schedule D & form 8949 for year 2014?

(2) Do I need to amend the state tax return? Note,there is no change to the state tax liability after the correction.

Thank you!

Re: Capital loss Amendment - What needs to be included in 1040x?
Posted by: Art, April 5, 2017 01:12PM
I would amend, and attach the 8949 and also Sch D. If this also affects the 2015 return I would go after that too.

Re: Capital loss Amendment - What needs to be included in 1040x?
Posted by: luaz, April 6, 2017 01:39AM
Thank you for clarifying how to amend the Federal tax return.

Do I need to amend the state tax return in year 2014, 2015, 2016? Note,there is no change to the state tax liability after the correction for those years in the state tax returns.

Re: Capital loss Amendment - What needs to be included in 1040x?
Posted by: Art, April 6, 2017 07:41PM
Duplicate.



Sorry, only registered users may post in this forum.