Under Investment Income section of TurboTax Desktop, the amount of the Capital Loss carryover for 2023 is confusing me. I also used TurboTax Desktop last year (2022).
The investment income amount for 2022 is correctly reported as -0- and 2023 is correctly reporting the loss amount - $687.
The Capital Loss Carryover is correctly reported as -0- for 2022, but incorrectly reports the 2023 carryover amount as -$688, instead of -$687.
When opening the - $688 amount (link) the Capital Loss Carryover calculation / explanation is:
“This summary shows how your capital losses will be used to reduce your income this year. It also shows any remaining loss that will be carried forward to next year:
Capital Loss Carryover from 2022: 0
Net Capital Loss in 2023: - $687
*Capital Loss Applied in 2023: - $ 1
Capital Loss Carried to 2024: - $688 “
Questions:
- Why is Capital Loss Applied in 2023 reported as -$1.00 as no capital loss is seemingly to be applied?
- Why is Capital Loss Carried to 2024 greater than the Net Capital Loss in 2023?
Thank you!
