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ProSeries Frequently Asked Questions

New 2005 to 2006 Short and Long-Term Capital Loss Amounts Do Not Flow to the Capital Loss Carryover Worksheet

Products Affected:

• ProSeries/1040
• ProSeries Express/1040
• ProSeries Basic/1040

Situation

If there is an amount on the Federal Carryover Worksheet on either line 12a, Short-term capital loss, or line 13a, Long-term capital loss, and these amounts are changed, the new amounts do not flow to the Capital Loss Carryover Worksheet from 2005 to 2006 line 10, Short-term capital loss to 2006, or line 15, Long-term capital loss to 2006. This will impact the carryover from 2005 reported on the Schedule D line 6 or line 14.

Solution

This situation is corrected in an update now available online. Download and install this update. (Go to the Update menu and select Update Installed Products.)

Workaround (prior to update)

Follow these steps to manually correct this situation:

1. Open the Federal Carryover Worksheet. On line 12a, Short-term capital loss, or line 13a, Long-term capital loss, enter the new amount.
2. Open the Capital Loss Carryover Worksheet. On line 10, Short-term capital loss to 2006, or line 15, Long-term capital loss to 2006, right-click and select Override. Right-click again and select Cancel Override. This will force the line to recalculate using the new amount.

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