gcuncliff
Feb 15, 2009, 09:01 PM
I''m writing in a loss on line 13 of 1040. Do I put it in with a negative sign? If the answer is no then how do I put it in that it won't be included in my total income?
anthony_bu
Feb 15, 2009, 10:47 PM
If it is a loss, then put () around the numbers. This is how to record negative number in finance format. For example, a $123.45 loss will be (123.45) on this line.
And then at line 22, when doing the summation, you can take this amount out.
Anthony Bu
IRS VITA, SPEC area 3
AtlantaTaxExpert
Mar 5, 2009, 03:58 PM
What Anthony says about parentheses is true.
However, you can also list it with a negative sign with no problems. That's how the TaxAct software lists negative figures on its computer-generated tax forms.