I found the answer by myself.....
If you do the TTAX step by step section for capital loss carryover it clearly states:
1) THEY MADE A MISTAKE IN 2023 for TY2022 (GREAT!)
2) the mistake was corrected before March 1st 2023. So if you filed after March 1st you were NOT AFFECTED. In that case you can just enter my return WAS NOT AFFECTED by their MISTAKE...
This after spending TONS OF HOURS on the phone with TTAX specialists that are clueless. Sorry to say.
If you did file 2022 before 3/1/2023 then you need to carefully go through the STEP by STEP...
we have no idea what your question is. Please clarify what you mean by inaccurate conversion.
capital loss carryover worksheet TY21 -> TY22 Turbotax "coversion inaccuracy" or error I would say.
someone said that you filed on april 15th 2023 I would not be impacted by the TY21 -> TY22 Turbotax "coversion inaccuracy" .
can someone please confirm?
We'd love to help you complete your tax return, but need more information. Can you please clarify your question?
What do you mean by "conversion inaccuracy"?
Did you have a problem with your 2022 tax return?
I did my 2020, 2021, 2022 in TTAX with no issues and I did have capital loss caryover in 2021 2022 2023.
Sunday I was almost done with my 2023 and during the final review process TurboTAX showed a screen that stated:
"Your return was impacted by an inaccurate 2021 to 2022 conversion".
I assume there was a BUG in Turbotax 2022 and they want to fix it by filing this additional form in 2023.
Someone was saying this BUG was CORRECTED in March 2023, so if you updated TTAX in March 2023, the BUG would not affect you.
Can anyone confirm?
to clarify, by conversion I believe TTax is talking about a 2021--> 2022 capital loss carryover conversion
I found the answer by myself.....
If you do the TTAX step by step section for capital loss carryover it clearly states:
1) THEY MADE A MISTAKE IN 2023 for TY2022 (GREAT!)
2) the mistake was corrected before March 1st 2023. So if you filed after March 1st you were NOT AFFECTED. In that case you can just enter my return WAS NOT AFFECTED by their MISTAKE...
This after spending TONS OF HOURS on the phone with TTAX specialists that are clueless. Sorry to say.
If you did file 2022 before 3/1/2023 then you need to carefully go through the STEP by STEP...
Forgot to mention that the program FLAGS everyone with a capital loss carryover as "I WAS AFFECTED BY THE INACCURACY (MISTAKE" even if you filed after 3/1/2023. That is lame. That is why I spent like 10 HOURS on this &*^%%# even if I was not affected. That was not fun.
I also have problem with the TY21 >TY22 conversion. Interesting when I check back on my 2022 return TT has back loaded my 2023 Capital Loss Carryover Worksheet to my 2022 return. (it says 2023 on the 2022 return.et I am wondering why would TT change the 2022 return without asking.
Thanks for chiming in.
when did you file last year? what date?
You Sir get a gold star .... thank you for taking the time to come back to share with the group.
Thank you for sharing with the rest of us. I've been trying to find what I did wrong and finally stumbled across your message. It's nice to know that I didn't mess up my taxes and that Turbo Tax is the problem. I am disappointed that Turbo Tax didn't tell everyone right away of the issue and makes everyone who has a carryover loss think they have a problem with their 2022 and 2023 taxes. I would have expected better of them.
Thank you again franksrental for posting this problem and solution.
Thank you! I was wondering this myself. I really appreciate your legwork here.
So if you filed after March 1st 2023, the the mistake was corrected in TT, but you are still flagged. Correct? When I review TY21 to TY22 data, it's identical. So do you just change, "Is this return impacted by inaccurate TY21>TY22 conversion" from Yes to No? If you filed after March 1st '23?
That's exactly my situation, and I did exactly what you're suggesting (flip the box from "yes" to "no"). I believe that's correct.
You can't change the selection, you can only fill in the missing data
Yes. All I had to do was change the Yes to No, by clicking No next to the "Is this return impacted by inaccurate TY21>TY22" question. That resolved the issue.
??? I assure you I was able to do that on my tax returns.