turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Where do i locate the amount of my profit loss from my 2020 tax forms?

i need to carry this amount over to my 2021 and I just want to be sure of the amount i enter since I cant find a schedule D
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

Where do i locate the amount of my profit loss from my 2020 tax forms?

you need what is called

the 2020 Capital Loss Carryforward Worksheet.

it will tell you what amounts to enter on your 2021 tax return.

 

@tyreka-burtonpd3 

rjs
Level 15
Level 15

Where do i locate the amount of my profit loss from my 2020 tax forms?

Are you talking about a capital loss from investment sales, or a business loss?


If there is no Schedule D in your 2020 tax return you do not have a capital loss carryover to 2021.


A business loss would be on Schedule C, not Schedule D. A business loss might or might not produce a carryover to the following year.

 

Where do i locate the amount of my profit loss from my 2020 tax forms?

Did you use Turbo Tax for 2020?  Then it should automatically carry over the Capital loss carryover.

 

The current year carryover loss from the prior year is on schedule D line 6 & 14.

 

On the income page The 2021 column shows the carryover to 2022) not your current loss for 2021).  The 2020 column shows the carryover to 2021 not the loss for 2020.

 

And Schedule D doesn't actually show the carryover amount to next year. To find your Capital Loss Carryover amount you need to look at your return schedule D page 2.  Line 16 will be your total loss and line 21 should be a max loss of 3,000.  The difference between line 16 and 21 is the carryover loss for next year.

 

And if you have a negative AGI or negative taxable income it will show up on 1040  BUT it won't reduce the carryover to the next year.

 

There is also a Carryover Worksheet. There is a Capital Loss Carryover Worksheet showing the carryover from the prior year and the current amounts.  Then there is also the Capital Loss Carry Forward worksheet showing the amount transferring over to next year.

 

In the Online version you have to save your return with all the worksheet as a pdf file to your computer to see the Capital Loss Carry Over and Carry Forward worksheets.

 

In the Desktop program you can go to Forms and find it in the list in the left column.

 

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies