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Tax Law (Questions About Taxes)/Amended return - error didn't affect taxes owed

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Question
I made an error on the 2012 Capital Loss Carryover Worksheet.  It didn't affect the taxes owed for the year since I was limited to $3000 (on Schedule D line 21), but with my error, I showed about ($17300) on Schedule D line 21 when it should have been about ($19400), affecting the correct amount of loss carried forward for me to take advantage of in future years.  How do I go about correcting this?  Do I complete a 1040X, or is there a way to just submit the corrected Schedule D?  I don't expect that any of the figures on the 1040X will be any different from the original return, only the numbers on the Schedule D will change.  If I do need to submit a the 1040X, I know I will need to submit the corrected Schedule D, but do I need to include the (unchanged) Schedule B also?

Answer
Joan,

Thanks for your question.

Just to be on the safe side, I would file an amended return, attaching a correct Schedule D.  In the explanation on the 1040X simply state that the loss carryover was incorrectly stated and the amended return does not affect the tax liability for 2012.

Hope this helps.

John Stancil, CPA

Tax Law (Questions About Taxes)

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John Stancil, CPA

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I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I am Professor Emeritus at Florida Southern College. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a CPA practice, specializing in tax, for over 35 years. I am a member of the National Association of Tax Professionals, The Florida Insititute of CPA's, The NCPE Fellowship. In addition I am a Certified Mentor for SCORE. Visit my website at www.mybaldcpa.com. I also offer seminars and consultations to churches and clergy on their tax issues at www.churchtaxsolutions.com Also visit my blog, www.thetaxdocspot.com. I am listed on Tax Connections at https://www.taxconnections.com/profile/John-Stancil/12258973 Prepare and file your own taxes at www.1040stancilcpa.com

Experience

I hold a doctorate in Accounting, and am a CPA. My certifications of CIA, CFM, and CMA are inactive. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 37 years and have taught accounting and tax at the college level for over 35 years.

Organizations
FICPA, NATP, NCPE Fellowship, Lakeland Business Leaders

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The CPA Journal, Florida CPA Today, Green Consumer, Green Business, Global Sustainability as a Business Imperative, Palmetto Review, NATP TaxPro Quarterly, Mustang Journal of Finance and Accounting.

Education/Credentials
DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill University

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