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wherelookscount
New Member

I have passive activity loss carryforward on 2014 on form 8582 3D =-$55,391 Line 4 =$41505 Total loss allowed =$13,886. Where do I carry forward the losses for 2015?

 
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Accepted Solutions
VolvoGirl
Level 15

I have passive activity loss carryforward on 2014 on form 8582 3D =-$55,391 Line 4 =$41505 Total loss allowed =$13,886. Where do I carry forward the losses for 2015?

Schedule D doesn't actually show the carryover amount. 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.  

If you used the desktop version or have the complete pdf of your last year's return you might have the  Capital Loss CO (carryover) worksheet that will tell you the amount.

If you have investment sale losses, after you subtract the losses from your gains you can only deduct up to 3,000 per year. You can only deduct up to 3,000 (1,500 MFS) loss per year after any gains you have.  So if you have a lot of current gains you can use up the loss.  The rest you will have to carryover until it is used up.

If you transferred your prior return info it should already be filled in.

Enter a Capital Loss Carryover under
Personal
Personal Income
Choose Jump to Full List -or  I'll choose what I work on
Then scroll down to Investment Income
Capital Loss Carryovers - Click the Start or Update button

View solution in original post

5 Replies
VolvoGirl
Level 15

I have passive activity loss carryforward on 2014 on form 8582 3D =-$55,391 Line 4 =$41505 Total loss allowed =$13,886. Where do I carry forward the losses for 2015?

Schedule D doesn't actually show the carryover amount. 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.  

If you used the desktop version or have the complete pdf of your last year's return you might have the  Capital Loss CO (carryover) worksheet that will tell you the amount.

If you have investment sale losses, after you subtract the losses from your gains you can only deduct up to 3,000 per year. You can only deduct up to 3,000 (1,500 MFS) loss per year after any gains you have.  So if you have a lot of current gains you can use up the loss.  The rest you will have to carryover until it is used up.

If you transferred your prior return info it should already be filled in.

Enter a Capital Loss Carryover under
Personal
Personal Income
Choose Jump to Full List -or  I'll choose what I work on
Then scroll down to Investment Income
Capital Loss Carryovers - Click the Start or Update button
april-orgren
Level 1

I have passive activity loss carryforward on 2014 on form 8582 3D =-$55,391 Line 4 =$41505 Total loss allowed =$13,886. Where do I carry forward the losses for 2015?

Seriously?  Are you saying that Turbo Tax carries forward some relevant numbers from last year, but not others?  If that's the case, my confidence is completely blown with this product. What other values have I been assuming would have automatically carried forward if they applied to my situation?!  I've been using Turbo Tax desktop for over 15 years, and now I feel a little sick about what I've missed.  Please tell me I'm not understanding you correctly.
TaxGuyBill
Level 9

I have passive activity loss carryforward on 2014 on form 8582 3D =-$55,391 Line 4 =$41505 Total loss allowed =$13,886. Where do I carry forward the losses for 2015?

@april.orgren   As VolvoGirl said, "If you transferred your prior return info it should already be filled in."  So it DOES automatically carry things over.  If you do NOT transfer your information over from a prior year TurboTax file, THEN you may need to figure out exactly what your carryovers are so you can enter them.

@wherelookscount   If you are not transferring from a prior year TurboTax file, type "passive loss carryover" in the "find" search box, and then select which tax form the carryover is from.  It is also in the Step-by-Step interview for that particular section where the carryover is from (for example, a passive loss carryover for a rental would be in the rental interview).
april-orgren
Level 1

I have passive activity loss carryforward on 2014 on form 8582 3D =-$55,391 Line 4 =$41505 Total loss allowed =$13,886. Where do I carry forward the losses for 2015?

@TaxGuyBill Thanks.  I was actually the one who gave the first answer (as aorgren). Then super user  @VolvoGirl seemed to contradict me, so that's why I freaked out a little. Haha.
aorgren
New Member

I have passive activity loss carryforward on 2014 on form 8582 3D =-$55,391 Line 4 =$41505 Total loss allowed =$13,886. Where do I carry forward the losses for 2015?

If you're using Turbo Tax for 2014, your carry forward amounts should automatically be carried forward to Turbo Tax 2015.

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