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Investment section says I have an $816 loss carryover from…

Customer Question
Investment section says I...

Investment section says I have an $816 loss carryover from 2016. Where do I enter that loss? I have the 5 person return package.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Does the $816 carryover loss automatically get entered on the correct form? If so, I do not see it anywhere. Where?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

It seems to be an investment loss. In 2016 there were large contracts and straddles losses.

Submitted: 24 days ago.Category: Tax
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Answered in 11 minutes by:
4/2/2018
Tax Professional: Arthur Rubin, Tax Preparer replied 24 days ago
Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,665
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.
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Thank you for using Just Answer. I have a few questions before I can determine whether I can answer you.

What software are you using? And is it on your computer or online. (There are a number of software companies that use Just Answer as their first line customer service. I can't identify which one you are using.)

Any of the following will help me identify your problem:

What do you mean "Investment section"?

Where did the $816 appear on your 2016 return?

My guess this is a capital loss carryover, but I'm not sure.

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Customer reply replied 24 days ago
I am using H & R Block premium self employed/rental property owners software. I have used it for years. I entered the interest, dividend, stock sale, etc. info (some from K-1s). I received a message that I had a $816 loss carryover from last year. I have tried to communicate with Block as to where this loss info should be entered in the 2017 program. I was sent to you. Has it automatically entered it somewhere? I had over $3000 in K-1 losses last year versus about 1200 this year. Is there a limit that I went over in 2016 and that's where the $816 is from? However, if correct, I still do not know where to enter it. Thanks.
Tax Professional: Arthur Rubin, Tax Preparer replied 24 days ago

I'm afraid I only have TurboTax among consumer software products, so I cannot determine exactly what your carryover is from. TurboTax imports most carryovers if you start your 2017 return by referring to your 2016 return, but I can't speak for H&R Block.

The two most likely possibilities are:

Capital loss carryover. You can tell this one if your 2016 form 1040 line 13 (or capital loss) is negative 3000. If so, the carryover should map to your 2017 form 1040 Schedule D lines 6 or 14. The worksheet or the individual entries should be somewhere in your 2016 return.

Partnership or S-Corp K-1 losses for which you are not at risk. If that is the case, there should have been one or more forms 6198 in your 2016 return. The instructions for form 6198 inform you where you place the results on your 2017 forms 6198.

I'm almost certain it's one of those.

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Customer reply replied 24 days ago
Sorry. You are not helping me and can not since you are not familiar with their program. I know it is a capital loss carry over from 2016 but do not know where to or what form to put it on in Block's program.
Tax Professional: Arthur Rubin, Tax Preparer replied 24 days ago

If you tell me some numbers from your 2016 1040 Schedule D, I can walk you through where to put the numbers as overrides on your 2017 1040 Schedule D, if they are not already there.

I need lines 7 and 15 from your 2016 1040 Schedule D.

If line 16 of your 2016 1040 Schedule D is $-3816, and lines 6 and 14 of your 2017 1040 Schedule D sum to $-816, then it's been transferred. Otherwise, I can use lines 7 and 15 of your 2016 1040 Schedule D to calculate overrides for lines 6 and 14 of your 2017 1040 Schedule D.

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