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I have a lost due to hurrican this year my lost lost is

I have a lost...

I have a lost due to hurrican this year my lost lost is $55000 and my income only show $19000. how do i carry over the $36000 to 2016 tax year

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I have a hurrican lost this year of $55000 that carry over to schedule A, but my income only $19000 this year how do i carry over that lost to 2016 tax return

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3/9/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,630
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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Customer reply replied 4 months ago
R U STILL THINKING ABOUT MY QUESTION

If you have a casualty loss from a federally declared disaster that occurred in an area warranting public or individual assistance (or both), you can choose to treat the casualty loss as having occurred in the year immediately preceding the tax year in which you sustained the disaster loss, and you can deduct the loss on your return or amended return for that preceding tax year. See Revenue Procedure 2016-53 for guidance on the time and manner of making and revoking an election under Code Section 165(i).

____

You are able to amend your return using IRS Form 1040X, which I have placed a link below.

https://www.irs.gov/pub/irs-pdf/f1040x.pdf

____

This information is covered in further detail with IRS Topic Number 515 - Casualty, Disaster, and Theft Losses (Including Federally Declared Disaster Areas)

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It does take me time to type the question and provide you with the proper links.

Please let me know if this has answered your question or if you have any additional questions.

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Customer reply replied 4 months ago
For tax year 2017 on line 38 agi show $19000 What amount should show on line 40 the $55000 or $19000

Line 40 you will use either your standard deduction which is determined by your filing status

Or

Your total from Schedule A

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The total will be on line 29 of schedule A

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Customer reply replied 4 months ago
Total from schedule show $55000 cause the form 4684 carry that amount to schedule A

Yes, but you also have the option to amend your 2016 taxes and start taking the loss in 2016, then carry the remainder of the loss to 2017

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Customer reply replied 4 months ago
Ok so how much should show on line 40 for 2017 the $19000 or $55000

If your total on line 29 of Schedule A is $55,000 then that is the number you will put on line 40, which will leave you with no taxable income.

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Customer reply replied 4 months ago
Ok I will amend my 2016 tax do carry the $36000 to line 40 on 2016 tax return
Customer reply replied 4 months ago
I did complete form 4684
Customer reply replied 4 months ago
Do I have to fill out another form 4684 for 2016 tax
Customer reply replied 4 months ago
Chad r u still there

Here is a link to the 1040X

https://www.irs.gov/pub/irs-pdf/f1040x.pdf

You will complete line 2 and attach an explanation in Part III

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Customer reply replied 4 months ago
I know I have to fill out a 1040x for 2016, but do I have to fill out another form 4684 for the remainder of $36000 lost in 2017

You attach an explanation in Part III

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and "Attach any supporting documents and new or changed forms and schedules. "

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Yes, you do have to complete Schedule A and 4684 for each year, this way the IRS knows how you are arriving at your determination.

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Customer reply replied 4 months ago
On form 4684 for 2016 the amount should be $36000 or $55000 That was shown on 4684 in 2017

The amount would be slightly different when you complete form 4684

Line 17 "Enter 10% of your adjusted gross income from Form 1040, line 38,

Line 18 "Subtract line 17 from line 16. If zero or less, enter -0-. Also enter the result on Schedule A (Form 1040), line 20"

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,630
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Customer reply replied 4 months ago
Ok thanks
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