- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
First, thank you for the response!!
To answer your first questions, those values on my 2023 1040 were (11) 26,251; (12) 30,700; (13) 0; (14) 30,700 and (15) 0, except 15 would have displayed -4,449 if the instructions didn't say to enter 0 when the calculation produces a negative number but, as you said, that is not allowable for taxable income.
After submitting my question, I sort of talked myself into the rationale that you state--even though the 3,000 capital loss is on line 7, I didn't get a benefit from it--all it did was cause the real calculation for line 15 to go even further into the negative which was pointless. But, while 2023 was my 48th year of filing income tax returns, it was the first time I ever encountered that scenario. In fact, I have only had capital losses or gains in maybe three years total--an unexplored territory for me.
As for the worksheet name, that had me scratching my head. The sheet that Turbo Tax produced when figuring my 2023 taxes and showing the carryover from 2023 to 2024 is indeed called the Capital Loss Carryforward Worksheet. But, the sheet that Turbo Tax produced when figuring my 2024 taxes and showing the carryover from 2023 to 2024 is called the Capital Loss Carryover Worksheet. For a while I was wondering if they served two distinct purposes but their content is the same. Maybe it has to do with the context of how the data was going to be used--in 2023 it was being calculated for the purpose of carrying forward to 2024 but now, in 2024, it is getting used up in its entirety and there is no more carrying forward.
I knew Turbo Tax was right, I just could not get comfortable enough with how I was explaining it to myself...lol. Thank you again for a prompt and thorough response!