Thank you for taking the time to try and help me. I read this suggestion from an earlier post and tried it but it did not work.
One thing I did determine is that the tax experts suggestions are WRONG! Do Not Use Line 6!!!
First of all, read this....
- If you don’t have capital gains to offset the capital loss, you can use a capital loss as an offset to ordinary income, up to $3,000 per year.
So upto $3000 of your losses get consumed within the same year return even if there are not enough capital gains. Only losses that are over and beyond $3000 get carried over to the next year.
While I was not able to determine my california carry forward losses, I was able to determine that in 2020 my losses were 1100 dollars approx. Which meant that my California carry forward lots was = ZERO as only losses over and above 3000 get carried forward.
All those people who did their taxes based upon line 6 etc may have to amend their returns, which is rather unfortunate.
