Question

Capital Loss Carryforward Worksheet 2022

Forum|Forum|4 years ago
February 20, 2022
2 replies
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The line 1 regular tax calculation does not appear to be correct. I take the standard deduction (line 12a) and take an additional charitable deduction (line 12b) on my 2021 Form SR-1040. The line 15 amount on the SR-1040 is a loss. When I check the value shown on line 1 of the Carryforward Worksheet which is found by subtracting line 14 from the Line 11 (AGI) there appears to be an error in the amount equal to the value of my charitable contribution Line 12b. Unless I am missing something my Line 14 should equal the sum of Line 12a (standard deduction) and Line 12b (charitable contribution) however the value for Line 14 in the Carryforward Worksheet equals line 12a (Standard deduction) only. Is this an error in the software or as stated above am I missing something?

JohnB5677

It sounds like your concern is that Line 14 should equal the sum of Line 12a (standard deduction) and Line 12b (charitable contribution) however the value for Line 14 in the Carryforward Worksheet equals line 12a (Standard deduction) only.

This may be because of the way you entered the charitable deduction.

First, you must clear all donations from the Deductions & Credits input screen

Online version

Go to Deductions & Credits
Scroll to the very bottom
Select Wrap up Tax Breaks (Online)
Continue through the interview to
Charitable Cash Contributions under Cares Act
Enter your donation.

In the Desktop version:

Go to Deductions and Credits
Scroll to the bottom of the page
Select Done with Deductions
Let's check your Deductions .. Continue
Here are your 2021 Deductions ... Continue
The standard deduction is right for you ... Continue
GET A TAX BREAK FOR DONATING CASH TO CHARITY
Enter your amount

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H

henryferrell122Author

I appreciate the response but it did not help. I deleted all donations on the Deductions and Credits screen. I entered the $600 as you describe but it did not change the calculation. I went back and stepped through the screens again. When I got to "Here are Your 2020 and 2021 Deductions & Credits" in the opening paragraph it says I am getting a standard deduction of $26,450. In the 2021 column it shows a standard deduction of $26,450 and Charitable Cash Contributions of $600. However the Total Deductions are only $26,450. The next Screen "The Standard Deduction is Right for You" states the deduction of $27,050 will save the most money which is the sum of the two. $26,450 is used to calculate the carryforward not the $27,050. I think since the additional charitable deduction is new this year the logic in the carryforward spreadsheet has not been properly updated

JohnB5677

Your Standard Deduction indicates that you are married.

Are you or your spouse over age 65?

If you're at least 65 years old or blind, you can claim an additional standard deduction of $1,400 in 2022 ($1,750 if you're claiming the single or head of household filing status).

This may account for the difference in the base standard deduction, and then the $600 will increase it.

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