abtb00
Level 2

Get your taxes done using TurboTax

Thanks for a lot of information but my question is still unanswered or I miss something.

 

Why does the capital loss gets used in 2019 to lower my income and then it (the same loss) gets used AGAIN to lower my income in 2020? Is this normal? Why is it used twice? Shouldn't it be used once? This is my question.

 

EDIT: I just check my 2019 worksheet for capital loss carryforward. Although my line 11b on my 1040 was correctly 0, it wrote a negative amount on first line for regular tax on worksheet. Why??? For example lets say my standard deduction was 12200 and my income was, say, $200, then it wrote -12000 to the first line to regular tax column. As minus. This produced a short term carryforward to 2020, in the amount of my 2019 capital loss on line 8 in the regular tax column. But in my 1040 everything looks correct. This worksheet was NOT submitted to IRS right? And now when doing my 2020 tax, I manually overrode the form to produce worksheet where it said for "income before exemptions". I changed the information from 2019 from -12000, to zero. So now the carryover amount is eliminated. But why did it produce it last year on worksheet? Also what is alternate minimum tax? It shows as $200 which I didn't touch. Please answer my questions but I also want to contact support and talk to someone or email where a support person will review. How can I do it?