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Question for the Money Doctors

Question submitted on Jul 28, 2013.

Question

I am amending my 2011 tax return and claiming a loss in my ordinary income (line 14). As the result my adjusted gross income is about "0". Can I postpone my itemized deductions, as a whole or in part, for year 2012? If yes how should I do it?
Thanks, Ali

Answer

Unfortunately, that is not an option. Careful tax planning in advance of this situation may have allowed the opportunity to defer some of your expenses into 2012 that qualify as itemized deductions. Should you be in a similar situation in the future, consider tax planning early on in that specific tax year so you have more flexibility in timing the payments of deductible expenses.


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