Yes! I think you are right, I do have some capital gains for 2019. The exact amount that TT now shows for capital loss carryover does include the $3000 plus the total of Capital Gains Distributions on my 2019 1099-DIV and the total of Realized Gain/Loss on my 1099-Misc. /1099-B. So that must be what happened. But I was hoping to only have to use the $3000 because my tax liability is already so low, and then save the remainder above $3000 for next year. I guess that's not possible?
However, entering this carryover also reduced the Total Income amount that TT calculates by 24%. It reduced my Taxable Income by 40%, Taxable Social Security Benefits by 44%. (I do not have wages, but I do have a high percentage of Qualified Dividends as part of my total income and I know that this somehow reduces tax liability). I know tax law is complex and I don't understand these calculations, this here sounds radical, but does this seem to make sense to you? Not complaining about reduced tax liability, but just need to make sure this is correct.
TT actually did a pretty good job of importing the financial info from the PDF of the 2018 return. Not perfect, but pretty good and the capital loss carryover was really the only important info I needed. but when looking at the TT capital loss carryover, in the "edit" section it displayed the numbers as positive, no minus sign (TT notes that the numbers have to show as negative) and therefore TT was ultimately showing no loss carryover at all. Once I entered the minus sign it ultimately showed the loss carryover for the amounts we have discussed here.
It now appears that for the State Return I have to do a whole manual worksheet outside of TT for the State carryover capital loss, but that's a whole other matter. I was hoping TT could do this for me, which is why I pay for this software, to avoid my having to do things manually. Guess not.
You have been tremendously helpful to me, you seem to be an expert, so thank you! I think at this point if you could just let me know if what I stated above sounds right and makes sense, before I proceed with submission -- or if I should get a CPA/adviser. Turbotax is supposed to have some phone support included with just the cost for the program (without paying for CPA upgrade), but they failed to provide that, which was disappointing.
