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March 22, 2022
Question

If my income for the year was 64980.00, why is my taxable income 98233.00

  • March 22, 2022
  • 1 reply
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We had a capital gains loss

1 reply

Employee
March 22, 2022

You do not necessarily get to subtract the entire capital loss.  First, you must offset the loss against any capital gains. Then you can offset a maximum of $3,000 against ordinary income. The rest is carried over to 2022.