@Questionasker wrote:
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?
The wording is confusing. What it means the 1040 line 15 cannot be less than zero but it can be a loss that is used for carry over.
The 1040 line 15 is line 11 minus line line 14 which can be a negative number that goes on the Carry forward Worksheet line 1 for carry over purposes, but the 1040 form cannot be less than zero.
**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.**
