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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13136
Experience:  15years with H & R Block. Divisional leader, Instructor
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In 2009 I had a significant short term stock loss which would

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In 2009 I had a significant short term stock loss which would have carried over to later years. If this was reported on my 2009 tax return but was not reported in subsequent years. Can I still use this to offset a gain in 2013?

Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.
You would need to apply the carryover to the next tax year after the loss. In other words, you would be required to amend your 2010, 2011, and 2012 tax returns then if you have any remaining loss it could apply to the 2013 gains.


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Robin D. :

You are most welcome.
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Robin D. :

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Customer: replied 3 years ago.

If I chose to amend my tax returns for 2010, 2011, and 2012 including the short term loss carry overs from 2009. Does this increase my chances of being audited? I realize this answer will based on opinion.

No, an amended return is not a cause for audit. Filing an amended return does not increase one's chances of being selected for an audit.
Returns are selected using a variety of methods, including:
Random selection and computer screening - sometimes returns are selected based solely on a statistical formula.
Document matching - when payor records, such as Forms W-2 or Form 1099, don't match the information reported.
Related examinations - returns may be selected for audit when they involve issues or transactions with other taxpayers, such as business partners or investors, whose returns were selected for audit.
Customer: replied 3 years ago.

Is there a statuates of limitations of how far back the IRS can audit a tax return? I'm assuming if you file an amended one this will be extend this period if yes?

Yes actually there is. The IRS has generally 3 years to reassess a return that has been filed. In general, the filing of an amended return by a taxpayer does not extend the statute of limitations on assessment. If an amended return is received within 60 days from when the Assessment Statute Expiration Date would otherwise expire, a period of 60 days from the received date is allowed for the assessment of the additional amount of tax on that return imposed by Subtitle A (income tax). IRC Section 6501(c)(7). For example, if an amended income tax return for the 2003 tax year was received on April 9, 2007, the IRS would have 60 days from that date to assess the additional amount of tax on that income tax return.
Customer: replied 3 years ago.

This may be a more difficult question to answer. If I incorporate and write myself a check on payroll to be reported on a W-2 for 125,000. Can you tell me what all of the witholding would be? Assuming I'm in California? This would be for the company to pay and what would need to paid by myself out of this amount.

First I am supposed to remind you that unless the follow up is in the same area as your original question you are supposed to complete this one and then post a new question.
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I can tell yo that the withholding would be based on your W4 allowances. Your FICA would be about $7050.
California provides two methods for determining the amount to be withheld from wages and salaries for state personal income tax.
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