Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-23-2012, 12:13 PM
Junior Member
 
Join Date: Mar 2012
Posts: 1
Question about carryover losses.

My husband was unemployed last year. His income was around $20,000. We have a very large loss from a business that we have carried over for a few years now. We have an accountant that we always used for several years for filing but he charges so much and we really don't have the funds this year. I hope someone can answer this for us:

I think we could just file online. He only has two w-2s, no interest, dividends, etc. and we have no need to itemize except for the losses. I used a tax calculator online and it looks like we would get a larger refund if we did not claim the losses this year and did a simple return. My main concern is if we don't carry over our loses on this return, would we lose the ability to claim them next year when his income increases? We can't lose them but really need the extra money right now.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Carryover passive losses Kasturi Rental Real-Estate 1 03-23-2011 09:56 PM
Foreign Tax Credit Carryover bdclark Tax Credit 3 11-22-2010 11:29 AM
C Corp Carryover of Contributions theresafoster C-Corporation 0 02-15-2010 02:43 PM
Capital Losses carryover period allowed PaulChamil Capital Gains 2 03-21-2008 02:49 AM
Impact of net operating losses carryover when I convert to a S Corporation? Leah S-Corporation 1 01-29-2007 10:52 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning