Losses and Schedule D (1040)


R

rsina

Hi everyone

Does anyone know if there is a typo (I know, it is very
unlikely) on line 17 of schedule D (for 1040)?

On line 17, it says that if your entry for line 16 is a
loss, then skip lines 18-21 and go to 22. That means
skipping reporting the loss (line 21) on 1040, specially if
you have no qualified dividends; though the line 21 itself
(which is only applicable for losses) says that if you have
a loss, enter it on line 13 of form 1040.
 
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E

ed

If line 16 is a loss why are you reading line 17? Line 16
says to skip line 17 if line 16 is a loss. Go to line 21
and enter your loss.

ed
 
B

Barry Margolin

rsina said:
Does anyone know if there is a typo (I know, it is very
unlikely) on line 17 of schedule D (for 1040)?

On line 17, it says that if your entry for line 16 is a
loss, then skip lines 18-21 and go to 22. That means
skipping reporting the loss (line 21) on 1040, specially if
you have no qualified dividends; though the line 21 itself
(which is only applicable for losses) says that if you have
a loss, enter it on line 13 of form 1040.
I just downloaded Form 1040 Schedule D from www.irs.gov, and
the line numbers don't match up with what you're referring
to. The line with the instructions similar to what you
describe is line 16. It says to skip 17-20 and go directly
to 21.
 
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R

rsina

I just downloaded Form 1040 Schedule D from www.irs.gov, and
the line numbers don't match up with what you're referring
to. The line with the instructions similar to what you
describe is line 16. It says to skip 17-20 and go directly
to 21.
Thanks for your response. The Schedule D that came with my
booklet in the mail, has part III on its second page, with
first line 16 (which says combine lines 7 and 15 and enter
the results). Then line 17 asks;

Are lines 15 and 16 both gains?
# Yes Go to line 18
# No Skip lines 18 through 21, and go to line 22

They must have changed this in the forms being downloaded
now. Anyhow, from your responses I am now more confident
that I can deduct the losses.

Thanks again.
 

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