@Questionasker wrote:
One further question about capital loss. It looks like, as noted above, -$433 is shown on line 7 on 1040-SR as a capital loss. However I also see that on the TurboTax sheet that says "Capital Loss Carryforward Worksheet, 2021, Capital Loss Carryforward from 2020 to 2021, > Keep for your records" it shows line 13 "Long-term capital loss carryforward to 2021." as $417. (in 2020 there was a short term capital loss of $16, and long term capital loss of $417) Does this sheet indicate there will also be some type of benefit on my 2021 tax return for the capital loss in 2020?
Or is that worksheet for some other purpose?
(In other words, previous question and answer indicated that if capital loss didn't exceed $3000 this year, nothing could be carried forward to next year, but this worksheet's last line item shows an amount, $417, for a "Long-term capital loss carryforward to 2021.)
That is assuming you have enough taxable income after deductions to use all for the $3,000. Short term loss does not carry forward, only long term loss does.
See the calculations on the "Capital loss carry forward worksheet."
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
