1040x instructions Form

1040x instructions 2024 Form: What You Should Know

You must report total, net, taxable income or profits for the year if it exceeds total, net, gain (step 2) in line 9. Enter the net income in the boxes provided on the next two pages. Enter the adjusted gross income you report for line 14. If you've made the exception to the AGI limit on line 14 of the previous return, enter it in box 16. See instructions on line 14 for how to make the exception. If you have the same AGI as on the previous return, report it on the line 14. Use Form 1040X or IRS Form 8949, for this line. Line 15. Enter net capital gain or loss. For an exception to AGI, enter the amount of your capital gain/loss in box 14 and enter the value in box 16. For an exception to the tax on long-term capital gains and qualified dividends in box 18, enter the amount of your long-term capital gain or loss on line 16. If you have an AGI greater than zero or a capital gain/loss of any amount, report it only in box 17. This line also shows the value of any interest you receive that would have been taxable as a capital gain or loss. Do not enter in box 16. Step 6 and Step 10, if applicable. If the net gain or loss represents a gain or loss from the sale, exchange, or exchange of property in the year, report that gain or loss on line 17. It is the amount in box 17 that is affected by the exception to the tax on long-term capital gains and qualified dividends. If the net gain or loss represents a loss, report that loss on line 18. Step 2 and step 3, if applicable. If you made a capital gain or loss on the sale, exchange, or exchange of property in the year, enter that gain on line 13. If you made a capital loss from the sale, exchange, or exchange of property in the year, enter that loss on line 15. You can see the exceptions, which are discussed in detail on line 3, in pages 1, 3, and 8.

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