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My clients sold stock in 2018 and incurred a loss. The entire loss was claimed in 2018, however for some reason ProSeries is continuing to carry that loss over to 2019 and 2020 in the exact same amount. Can someone tell me why this is happening and how to correct it?
Please and thank you!
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Yes and then entire amount was claimed in 2018 as it was less than $1,000. Now we are going to have to file an amended return for 2019 because for some reason the software carried that loss forward to 2019 and also 2020, which thankfully it was caught this year. I'm just trying to understand why the software is doing that.
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After the standard deduction (because they do not itemize) the did not have any taxable income. Is that why it's continuing to roll to the next year?
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Yes, even without this loss, they would have had zero taxable income. This makes sense now. Thanks so much for your time.
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