I am filing past taxes (2012). Line 37 (adjusted gross income) is negative because of capital losses. I was claimed as a dependent. I do not have any further credits or tax. Am I OK to repeat the same negative total from line 37 into line 38 (adjusted gross income) and 41 (line 40 from line 38) and leave the remaining items blank? Or do I have to give a "0" or some other answer for any items? Thank you
What entries on a 1040 is it OK to leave blank?
byu/Odd_Capital_9328 intax
Posted by Odd_Capital_9328
5 Comments
Use a software like free tax USA . Self-preparing if you don’t know what you’re doing is not worth the cost savings.
You should refer the form 1040 instruction document for 2012 which can be found on the IRS website. It provides line by line instructions. Often when the result of a calculation is negative you are instructed to enter zero. Note if you have capital losses which exceed gains you may be able to carry some losses forward to the following year(s).
did you limit your overall (“net”) capital losses to at most $3,000?
you aren’t allowed to deduct more than $3,000 of overall net capital losses
Are you filming the form out manually? Use tax software.
Why are you filing a 14-year-old return? IRS will deem you “in compliance” if you file 2020 through 2025.