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Get your taxes done using TurboTax
Regarding looking at the calculations on the "Capital loss carry forward worksheet." I wonder if TurboTax is handling that correctly. In other words, line 1 of "Captial Loss Carryforward Worksheet" says Enter the amount from 2020 Form 1040, line 15. If a loss enter as a negative amount." My 1040-SR line 15 is 0. However the "Captial Loss Carryforward Worksheet" line 1 shows as -6,783, not as 0. If calculated based on 0, then the bottom line on that worksheet, "Long-term capital loss caryforward to 2021." would be 0.
The main thing I would like to be clear about is if I had only a $417 long term capital loss for 2020, is there any benefit from that for 2021? In other words does that purely affect 2020 return only?
March 7, 2021
12:11 PM