The simple answer is no. But, you must report the capital loss carry forward on your current year return. You are not allowed to postpone using it or saving it for a more advantageous time.
The actual is answer is more complex. Although you have to report it, it may not all get wasted (used). The best thing to do is prepare a tax return (even if you aren't required to file) to accurately calculate the carry over to the next year.
The tax law says you have to use a capital loss before you're allowed to use a personal exemption If the personal exemption would completely eliminate your income, you would rather use the personal exemption first. That way, the capital loss would carry over to the next year. Instead, you're forced to use the capital loss, and there's no carryover for unused personal exemptions. Don't ask me why the law works this way: that's just the way it is.
An example may help explain it:
You have a $12K capital loss carry forward from the previous year. Your AGI is $4000, including the $3000 loss on line 13. Meaning your income was $7000 before deducting the loss,
$7000
- 6100 Standard deduction
= 900 Taxable income before exemptions and capital losses are deducted
$3000 Capital loss shown on line 13
- 900 Used to reduce pre-exemption taxable income to 0
= 2100 of that $3K capital loss will be carried to 2014. That's in addition to the $9K (12,000-3,000), so $11,100 will be carried forward. TurboTax can handle this calculation and will prepare a carry forward worksheet to show it.
Like I said, it's complicated. It's the government.
Edit: Starting with tax year 2018, there are no more personal exemptions. Personal exemptions were replaced. by larger standard deductions
