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
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
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.
@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).
@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.