I've been using the web product for years, so TurboTax has all my history. I believe I'll have at least $3k in capital losses for 2025. How will TurboTax handle the carryover after I'm done with 2025 taxes next year? Will it automatically remember the amount carried over into 2026 taxes? What's the process like?
Yes, TurboTax will carry over you capital losses from year to year. You will be prompted to confirm the amount when entering your information for the next year in the Wages & Income section of the interview. To confirm the amount you can view your prior year return in the Documents section on your Tax Home screen by checking Schedule D line 16 reduced by line 21.
Yes Turbo Tax will automatically carryover any loss you couldn't use in 2025. Do you have a carryover loss from 2024? If you have a 3,000 loss you won't have any to carryover. If you have a carryover loss that doesn't show up from the prior year you can manually enter it.
If you have investment sale losses, after you subtract the losses from your gains you can only deduct up to 3,000 (1,500 MFS) per year. The rest you will have to carryover until it is used up.
Yes, TurboTax will carry over you capital losses from year to year. You will be prompted to confirm the amount when entering your information for the next year in the Wages & Income section of the interview. To confirm the amount you can view your prior year return in the Documents section on your Tax Home screen by checking Schedule D line 16 reduced by line 21.