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June 3, 2019
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Do i have to use my carried over 2017 loses in 2018 since my income is so low or can i save them to right off in another year?

  • June 3, 2019
  • 1 reply
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Best answer by VolvoGirl
You have to report the carryover every year until it's used up.  You can't skip a year.  Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year.  You can't choose when to use it.

But If you have a negative AGI or negative taxable income it will show up on 1040  BUT it won't reduce the carryover to the next year.

1 reply

VolvoGirl
VolvoGirlAnswer
Employee
June 3, 2019
You have to report the carryover every year until it's used up.  You can't skip a year.  Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year.  You can't choose when to use it.

But If you have a negative AGI or negative taxable income it will show up on 1040  BUT it won't reduce the carryover to the next year.
curly1dpAuthor
June 3, 2019
Thanks, I will look for that again, it looked reduced even though it appears deductions out way income?