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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Tony C. who wrote (4020)	1/24/2002 8:57:23 PM
From: RoseCampion	Respond to of 5810

Can't you right click in the capital loss field and choose "override" and change the figure to whatever you want? That's what I had to do last year (for other reasons) and it worked fine. Certainly, but that kind of goes against the idea of the program having the right way to do things, and it also makes it impossible to file electronically (IRS won't allow overriden data in an electronic submission). Actually, I found the answer out through other means. TurboTax is working completely correctly. The regs say that you do have to take the $3000 loss in the current year - no choice about it. But luckily, the "Capital Gains and Losses Worksheet" you fill out effectively gets it back for you (preserving the full amount of the loss for use in future years) if that $3000 loss provided you with no net tax benefits. Essentially, the loss is never wasted (although it may get applied at a lower bracket in one year than the next). /Rose/