Why didn't TurboTax import my Capital Loss Carryover?

Hi.

 

I have searched the community discussions, but cannot seem to find the exact help I  need.

 

I am currently using the TurboTax Premier, on-line version.  TT imported my last return's (2018) information, where I did have realized capital gains, and dutifully received $3,000 of my $20,000 Capital Loss Carryover against my gains.  Because I had no stock transactions (and therefore no capital gains) in 2019, there is no capital loss carryover indicated on my 2019 Schedule D, Line 14.  I would like to use $3,000 of my remaining $17,000 loss carryover against my Ordinary Income, but my only income in 2019 was from Social Security or my IRA (I am retired).  Other questions/answers within this community indicate that this is entirely possible, but I will ask here:

 

Can I use my Capital Loss Carryover, or have I now lost it because I did not make any stock transactions in 2019?

 

If I can  use it, where will it show on TurboTax's forms, and how do I enter it in the program if it has not been entered by the importation process?  It has NOT shown up on my Schedule D, as it did for 2018, when it successfully transferred from my 2017 taxes.

 

Thank you for any help you can provide....................... Frank

ColeenD3
Expert Alumni

Investors & landlords

No, you did not lose it. Since you had no taxable income for 2019, there was nothing to apply the loss toward. If your only income is Social Security and will continue to be only Social Security, then you will not have occasion to use it.

 

If it did not carry forward, then you can manually enter it.

Open your TurboTax return, search for capital loss carryover, and then select the "Jump to" link in the search results.

View solution in original post

Investors & landlords

Thank-you Coleen.  I appreciate your help.

 

Just one clarification, please.  I also drew money from my IRA in 2019, and it is definitely taxed.  Does that count as 'income', and can't my loss carryover be applied to that?  Several questions and answers within this community indicate that it can, but I have trouble understanding all of this.  Shouldn't the importation process have recognized this, and therefore populated the correct line in Schedule D?  Or am I wrong in my understanding?

 

If I have to manually enter the carryover via the 'jump to" link, I am asked a host of questions regarding share value, and this information is lost to me as the loss occurred many years ago, and TurboTax has always imported the the previous carryover (minus $3,000, of course).

 

Again, thanks.................. Frank

ColeenD3
Expert Alumni

Investors & landlords

I think I remember a different, more easy entry. This is just a safeguard to make sure you don't put the incorrect amount. Not everyone is tax savvy.

 

Since you know what the number is that need to be entered, manipulate the program to give you that number.

 

Investors & landlords

Okay, I did what you suggest.  I hope that TurboTax and the government is happy with what I've done.

 

I'd still feel better if TurboTax had simple carried the loss forward, as it has for many previous years.  Don't understand why it didn't.

 

Thanks again for your help.  I appreciate it.......................... Frank

serjay56
Returning Member

Investors & landlords

i have exactly same problem with TT & $3k carryover loss in 2018 return......if you receive an answer, please email - [email address removed]

ThomasM125
Employee Tax Expert

Investors & landlords

You will see an option to enter your capital loss carryover from the previous year in the "Investment Income" section of TurboTax as follows:

 

 

The routine in TurboTax will tell you where to look on your 2018 tax return to get the numbers you need to make sure you enter the correct capital loss carryover amount.

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TIR1234
New Member

Investors & landlords

I NEED TO IMPORT

DaveF1006
Employee Tax Expert

Investors & landlords

if you can't import, you may need to manually enter the Capital Loss Carryover if you know the amount.

  1. Go to federal>wages and income >see all income
  2. Investment Income>capital loss Carryover

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Investors & landlords

The message incorrectly states that there was no carryover from 2019 to 2020. There was. I did not carry over to this year and I am not sure what to enter where.

 

Irene2805
Expert Alumni

Investors & landlords

To enter your capital loss carryover from 2019, please follow these steps:

  1. On the Wages & Income screen, scroll to the Investment Income section.
  2. Click the Start/Update box next to Capital Loss Carryover.
  3. On the screen, Did you have investment losses you couldn't claim in 2019? click the Yes box. 
  4. Continue through the screens, entering the requested information.

@Mprovince45

Investors & landlords

I realize that this is an old thread, but I am running into similar difficulty with capital loss carryover not carrying over. I want to make certain that I understand the limitations of TurboTax correctly, because they seem unbelievable.    

 

1.  It appears that if even one tax year shows no capital gains or losses, all capital loss carryover from prior tax years disappears into the ether.  

2.  Users of TurboTax must keep track of their own capital loss carryovers, and all of the related capital transactions, because the TT product deletes prior carryover data if a single tax year sees no capital gains or losses. 

3. If the TT program asks users to re-enter the details for past carryovers, we have to dig out a decade or two of tax returns and enter all the information AGAIN.  Or we can try to "manipulate the program" into taking a single carryover value without substantiation, as one respondent suggested.

 

If my perceptions are accurate, it's insane.  We are paying for a product that (allegedly) maintains *all* of our tax records in a single, secure, digital location. However easy or difficult it is for a TT user to track down and re-enter the information needed to apply a capital loss carryover is irrelevant.  We are paying TT to do this record keeping for us.

 

I hope that Intuit realizes the absurdity of this deficit in their program and rectifies it promptly.

Investors & landlords

Good thing you are wrong ... if you log into the same account every tax year then the loss carryforward should forward automatically until used up ... however since it is a DIY program it is your job to make sure it does.   If it doesn't  then get the amount off the prior years carryover worksheet and enter it as mentioned several times in this thread.  

 

SAVE YOUR TAX RETURN !

 

EVERY year before mid-October you should save a copy of your tax return as a pdf and print a copy of it for your records.  That way you will not be searching online frantically when you need it for a lender, FAFSA forms, your next tax return, etc.

https://ttlc.intuit.com/questions/1900937-why-should-i-save-a-pdf-copy-of-my-return

https://ttlc.intuit.com/questions/1899779-what-s-the-difference-between-the-tax-data-file-and-the-pd...

https://ttlc.intuit.com/questions/1912466-how-do-i-save-my-return-as-a-pdf-in-the-turbotax-software-... •

https://ttlc.intuit.com/questions/1912533-how-do-i-save-my-return-as-a-pdf-in-the-turbotax-software-...

 

dpd0843
New Member

Investors & landlords

IN past we have submitted a joint return. This year we evaluated both a joint return and married filing separately which worked out better. In the process I had failed to use the file with the data from 2019 that would have been carried over . I finally realized what I had done and now i have to re-evaluate my 2020 tax return to see if the carryovers from 2019 will impact my 2020 return. Is there any way to import the 2019 carryover loss data from my  2019 return into my 2020 return or do i have to enter the data manually?

Since I have already paid additional taxes for 2020 and filing an amended return may be a pain, can I just ignore the 2020 return and used the data from my 2019 return for my 2021 taxes?

KBS56
Returning Member

Investors & landlords

I realized after submitting my 2020 federal tax return that Turbotax wasn't keeping track of my considerable capital loss carryover so I called turbotax to ask for a remedy for my issue. I was told by the representative, finally, that she would have a supervisor call.  The only responce I have received is an e-mail that " your Turbotax case is closed". If I had known that Turbotax is a FRAUD, I wouldn't have wasted my time using their hack software.