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Visitor II

Capital Gains not offset by Carryover loss



I have a capital gain from 2017.  I also have carryover losses that more than cover for the capital gains.  Why is TurboTax indicating that I still owe money on my capital gains?  Is there an additional US tax that will not be offset by carryover losses?

1 Comment
TurboTax Specialist

Capital Gains not offset by Carryover loss

Are you certain it is the capital gain that is being taxed? Even if your capital gain is offset by carryover losses you may still have taxable income from other sources (wages, interest, retirement plan distributions, etc.). And, yes, there are other taxes besides the regular income tax, such as self-employment tax and the additional tax on an early distribution from a retirement account, which wouldn't be affected by carryover losses.



You can preview your 1040 to see the types of taxes on your return.

  • Continue your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
  • Click the drop-down arrow next to Tax Tools (lower left side of your screen).
  • Select Tools.
  • Under Other helpful links…, click View Tax Summary.
  • At the left side of the screen, click Preview My 1040.
    Scroll down to just below line 56 of the Form 1040 to see the Other Taxes, such as self-employment tax. Then scroll down to just below lines 61 and 62 for Additional Other Taxes

If you're using the TurboTax CD/Download software, you can use Forms Mode to preview your 1040.