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Prevent Turbotax from deducting Capital Loss
Hi,
According to this article https://turbotax.intuit.com/tax-tips/investments-and-taxes/capital-gains-and-losses/L7GF1ouP8
- If you have an overall net capital loss for the year, you can deduct up to $3,000 of that loss against other kinds of income, including your salary and interest income.
Notice that it says "can", not "must". So per my understanding I can choose to deduct less than 3000 (or even 0) if I wanted to. This is exactly what I would like to do and carryover all my losses to the next year.
TT applied deduction automatically (even though it wasn't needed as my ordinary income tax would be 0 anyway) and didn't let me chose whether I want it or not.
The question is: How do I instruct TurboTax not to deduct the Capital loss against other type of income?
It looks like a serious limitation which would cost people $3000 unless there is a way to fix it.
March 13, 2023
1:58 PM