rjs
Level 15
Level 15

Get your taxes done using TurboTax

You can't use the screen that you showed in your question. But the screen you need is missing from TurboTax for 2024, so you are going to have to enter your capital loss carryover amounts in forms mode.


You caused confusion because, in your original question, you referred to your wife's capital loss and your own capital loss. In your follow-up reply you "clarified" that you meant capital loss carryover. You do not enter your capital loss. You can enter your capital loss carryover. But you cannot enter it on the screen that you were looking at.


Prior to 2024 TurboTax used to ask if you know your capital loss carryover amounts or need help figuring out the amounts. If you said you needed help, you would get the screen that you showed in your question. If you said you know the amounts, you would get an entirely different screen where you could simply enter the capital loss carryover amounts. But the screen that you get if you say you need help does not handle your situation, where you and your wife filed separate 2023 tax returns, both have capital loss carryovers, and are filing jointly for 2024.


For 2024, TurboTax eliminated the question asking whether you need help calculating your capital loss carryover amounts. It just assumes that you do need help, and gives you the screen that you were trying to use. That screen is not asking you to enter your capital loss or your capital loss carryover. It's asking you to enter amounts from specific lines on Form 1040 and Schedule D in your 2023 tax return. Using that information it would calculate the capital loss carryover amounts to enter on your 2024 Schedule D. But as I said, it does not handle the situation where there are two separate 2023 tax returns and a joint 2024 tax return. You can only enter amounts from one 2023 tax return, not two separate 2023 returns. The screen that lets you enter the capital loss carryover amounts directly is not included in the 2024 TurboTax interview.


Here's what you have to do. You have to calculate your own capital loss carryover amounts from 2023 to 2024 yourself, outside of TurboTax. You have to do the same for your wife's capital loss carryover amounts from 2023 to 2024. Then you will add your capital loss carryover amounts and your wife's capital loss carryover amounts together, and enter the totals on the Federal Carryover Worksheet (not the Capital Loss Carryover Worksheet) in TurboTax. From the Federal Carryover Worksheet the carryover amounts will flow to the proper lines, lines 6 and 14, on Schedule D.


If you used TurboTax for your own tax return for 2023, you do not have to do any calculating. There is a Capital Loss Carryforward Worksheet in TurboTax that calculates the capital loss carryovers from 2023 to 2024. You can simply take the amounts from line 8 (short-term) and line 13 (long-term) on the Capital Loss Carryforward Worksheet (not the Capital Loss Carryover Worksheet). If you did not use TurboTax for 2023, calculate the carryover amounts using the Capital Loss Carryover Worksheet on page D-11 of the 2024 IRS Instructions for Schedule D. Read the instructions for the worksheet carefully, starting with the box at the top.


Do the same for you wife. If she used TurboTax for her 2023 tax return you can take the amounts from her Capital Loss Carryforward Worksheet. If she did not use TurboTax, use the Capital Loss Carryover Worksheet in the IRS instructions to calculate her carryover amounts.


When you have the capital loss carryover amounts for both of you, add together the four pairs of amounts (short-term and long-term, regular and AMT). Then go to forms mode in TurboTax and open the Federal Carryover Worksheet (not the Capital Loss Carryover Worksheet). On page 2 of the Federal Carryover Worksheet, enter the four totals on lines 12a, 12b, 13a, and 13b in the 2023 column. They will then appear on lines 6 and 14 of Schedule D.