Dumb schedule D question

[edlbym]

Hi there..I'm not early retired, a thread on this website was one of only two links when I did a gogole search for "if your 2010 schedule d, line 21 is a loss" with the word confused added into the search..but though not FIRE'd I am a LBYM person, so a nice coincidence to be reminded of this web page..

But right now I could really use some tax help, some of those smiley icons of confusion, frustration and more come to mind..an embarrassingly simple question, even more embarrassing since I know I had the same question 3 years ago when I last had to fill otu the form...and I can't remember what the answer turned out to be...

So this has nothing to do with that new form 8949, much more basic:

Schedule D says for lines 6 and 14 to fill out the Capital Loss Carryover Worksheet to see what to put on those two lines...that worksheet tells you to start by writing down what you have in form 1040 line 41...but I don't know what my 1040 line 41 is until I have first filled out 1040 line 13 (line 41 depends on line 37 which depends on line 13) ...which I'm trying to fill out schedule D first to find out what to put on 1040 line 13..!

I know this has got to be some silly misreading on my part and again embarrassing since three years ago something similar came up and I figured it out eventually (but didn't keep my 2008? 2007? worksheet)..I still think IRS could be clearer about order here..and was really hoping to finish it all tonight, but it wasn't meant to be...But anyone who can straighten my bearings on this by the time I log in tomorrow will receive a Tax Angel award from me..TIA!

(I realize I might figure out my confusion after posting, but at this point I'd rather that happen than risk chasing line numbers any longer..)

[edlbym]

Oh god, they're asking about the 2010 (not 2011) lines, is that all my confusion is about?? Most of the other 2011 forms point at other 2011 forms for information on what to put on this or that line..is that the source of my running in circles, misreading a 2010 for a 2011?? Will look again when I'm more awake..off to bed now..! (but if there's more to it than that, please do chime in, tax angels!)

[haha]

Quote:

Originally Posted by edlbym Hi there..I'm not early retired, a thread on this website was one of only two links when I did a gogole search for "if your 2010 schedule d, line 21 is a loss" with the word confused added into the search..but though not FIRE'd I am a LBYM person, so a nice coincidence to be reminded of this web page.. But right now I could really use some tax help, some of those smiley icons of confusion, frustration and more come to mind..an embarrassingly simple question, even more embarrassing since I know I had the same question 3 years ago when I last had to fill otu the form...and I can't remember what the answer turned out to be... So this has nothing to do with that new form 8949, much more basic: Schedule D says for lines 6 and 14 to fill out the Capital Loss Carryover Worksheet to see what to put on those two lines...that worksheet tells you to start by writing down what you have in form 1040 line 41...but I don't know what my 1040 line 41 is until I have first filled out 1040 line 13 (line 41 depends on line 37 which depends on line 13) ...which I'm trying to fill out schedule D first to find out what to put on 1040 line 13..! I know this has got to be some silly misreading on my part and again embarrassing since three years ago something similar came up and I figured it out eventually (but didn't keep my 2008? 2007? worksheet)..I still think IRS could be clearer about order here..and was really hoping to finish it all tonight, but it wasn't meant to be...But anyone who can straighten my bearings on this by the time I log in tomorrow will receive a Tax Angel award from me..TIA! (I realize I might figure out my confusion after posting, but at this point I'd rather that happen than risk chasing line numbers any longer..)

If you are looking for your capital loss carryover for year 2011 return, the worksheet you are referring to needs to be filled out WRT your 2010 return. So the figures you need for your 2011 schedule D, are from the worksheet done after your 2010 tax form was completed. Do you in fact have a carryover loss from 2010?

BTW, I am not a tax expert, you can also try Fairmark, or better yet read IRS Pub 550 on sale of capital assets.

Ha

[kaneohe]

You're both correct....... see pg D-11 of the instructions for the 2011 Sch D
here http://www.irs.gov/pub/irs-pdf/i1040sd.pdf
The loss carryforward for the 2011 return is derived from the previous yr
(2010) return.