Maybe you used it up in 2023? Do you have a loss on 1040 line 7? Do you have the Capital Loss Carryover Worksheet showing the carryover from the prior year and the current amounts.
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.
Did you transfer from 2022? Maybe the carryover loss from 2022 didn't get entered? Check here,
If it didn’t transfer over from last year then
Enter a Capital Loss Carryover under
Federal Taxes or Personal (Home & Business)
Wages and Income
Then scroll down to Investment Income
Capital Loss Carryovers - Click Start or Revisit
No, I didn't use up almost $250k of loss carryover last year! I wish I could use more than just $3k.
Apparently I failed to transfer over the balance when making entries as I did my 2023 taxes which I just e-filed.
I think I recall seeing something about loss carryover or carryforward so I must have clicked 'No' to do it.
Since I have already e-filed and IRS has accepted it I must amend my return when 1040X becomes available, right?
