- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How do I keep TurboTax from applying my Fed Capital Loss Carryforward to my AZ state return? AZ does not allow this if loss is from living in another state.
I incurred a capital loss in another state before I moved to AZ. AZ does not permit the taxpayer to use a capital loss carryover incurred from non-Arizona sources while the taxpayer was an AZ nonresident. So you lose the whole carryover for state tax purposes. (See AZ ITR 13-6.)
But TurboTax doesn't seem to know about this rule. My only option appears to be to override all the relevant fields on AZ-140 and on the Worksheet for Net Long-Term Capital Gain Subtraction for Assets Acquired After December 31, 2011. That's tedious and error-prone. Ideas?
Topics:
‎June 1, 2019
6:58 AM