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Where to find out carryover losses in the prior year return to make sure they are all taken cared of?

kwyp
Level 3

Carryover loss includes portfolio investment loss, business loss,  and passive loss

I find the below losses on a 1040 return that needs to be entered for the current year. 

1.) If line 16 on page 2 Sch D,  combined total investment is a loss in the prior year, then the net loss ( the combined loss -$3000),  need to be entered at line 6 or line 14 on the current year return Sch D. 

2.) If 8582 Part IV (e) is a  loss, the this loss needs to be entered at Line 1 (c) on 8583 on current year return

3.) If 8995 line 17 is a loss, then this loss need to be entered at line 3 on the same form 8995 for the current year. 

Are there any more carryovers that need to pay attention for? 

Please correct me if I am wrong. 

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2 Comments 2
sjrcpa
Level 15

There could be more:

Net Operating loss

Publicly Traded Partnership Losses

Losses in excess of basis for Partnerships and S Corporations

Not to mention credit carryovers, information on PY installment sales, overpayments applied to current year estimated tax, charitable contribution carryovers. Etcetera.


Ex-AllStar
kwyp
Level 3

Does a return (such as 1040 return) has a federal carryover worksheet (summary) with Proconnect that you can find out all the carryover loss and carryover credit that can be used in the coming year? 

I summarize the carryover loss with the forms:

1.) Sch D, loss on line 15 prior year needs to carryover to current year line 6 and line14 

2.) Form 4797, loss on 4797 worksheet prior year needs to carryover to current year line8

3.) Form 8995, loss on line 17 prior year needs to carryover to current year line 3

4.) Form 8582, loss on line part IV (c) prior year needs to carryover to current year line 1(c)

5.) Net oprating loss on Sch C worksheet prior year needs to carryover to current year 

Carryover credits 

1.)  form 1116,prior year form 1116 sch B line3 column (XIV) needs to carryover to current year line10

2.). Form 5695, prior year line 16 needs to carryover to current year line 12

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