Does Turbo Tax save capital gain/loss information from previous years?

Yes, TurboTax carries forward any capital losses not allowed in previous years when you transfer your 2020 information to your 2021 tax return. 

 

For the current year capital loss carryover, just open your TurboTax return, search for capital loss carryover, and then click the "Jump to" link in the search results.

 

To find the 2020 carryover amount on your 2021 income tax return, look on Schedule D:

1. Lines 6, Short-term capital loss carryover, and
2. Line 14, Long-term capital loss carryover. 

To find the 2019 carryover amount on your 2020 income tax return, look on Schedule D:

1. Lines 6, Short-term capital loss carryover, and
2. Line 14, Long-term capital loss carryover. 

To find the 2018 carryover amount on your 2019 income tax return, look on Schedule D:

1. Lines 6, Short-term capital loss carryover, and
2. Line 14, Long-term capital loss carryover. 

Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.

 

You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.