Need a tax "expert" to chime in here. I have a carryover loss that I'd like to surrender so that I can file a 1040A instead of a 1040. Is this allowed?
I really don't need the carryover loss since I'm in the 15% bracket and capital gains are taxed at 0%. The $3000 annual income deduction is insignificant compared to how much my Expected Family Contribution (EFC) for college aid will be lowered if I can file the 1040A.
Thoughts?
I really don't need the carryover loss since I'm in the 15% bracket and capital gains are taxed at 0%. The $3000 annual income deduction is insignificant compared to how much my Expected Family Contribution (EFC) for college aid will be lowered if I can file the 1040A.
Thoughts?