@MarilynG1 - As I understand it, the problem with not having any gains/losses in the return which eliminates 'seeing' any remaining Capital Loss carryover on the tax return's Schedule D is this - The IRS (as I understand it) does not take the allowed $3,000 off other taxable income. It's as if the taxpayer has no Capital Loss remaining!
This means the average taxpayer with more than $3k in Capital Loss carryover, but with no gains/losses in their return, is going to pay too much in taxes because they never have the tax they owe reduced appropriately - or they never get the refund they deserve - because the Capital Loss carryover is not on Schedule D, (the lines are BLANK) which is where the IRS data input employee expects to see Capital Loss 'if' there is any carryover remaining. Out of sight - out of mind! That is what the IRS agent I have communicated with about my issue has said. And, that is why I was instructed by the agent to amend my return again with the carryover amount manually added - and a detailed explanation about why the amended return is needed. Not fun stuff! It leaves a really sour feeling about the TurboTax experience that doesn't need to happen! ðŸ˜
@MarilynG1 - Do you agree with this assessment? If so, what can TurboTax do (maybe with your help and input) so this doesn't happen? For what it's worth, I'm told the H&R Block tax prep software enters the Capital Loss carryover on Schedule D regardless whether there is a gain/loss in the return... It sounds like they have it coded correctly in their software programming...
