April151
New Member

TurboTax seems to be incorrectly calculating my Capital Loss Carryover amount from last year. How can I correct it?

Last year an accountant prepared my taxes and this year I am doing it myself, so I have to input all info into TurboTax (as TurboTax can’t pull from last year’s filing). In the screen for Capital Loss Carryover, TurboTax asks for info from last year’s Schedule D (both regular and AMT versions) and Form 1040. However, nowhere is there a place to enter info from last year’s Capital Loss Carryover Worksheet (IRS Publication 550) which shows that no capital losses were actually used last year. So the amount of capital loss carryover from last year that TurboTax is showing is incorrect (too low). How can I correct it? (I am using the web/online version of TurboTax.)