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Want to use capital loss to offset ordinary income - NOT to carry it forward
HEllo - thank you in advance for any assistance with this. I had a net investment capital loss of about $2200 for 2020. I understand that I can use up to $3000 of that to offset regular income (all of it, obviously), and I would like to do that. I would prefer to NOT use it as a carry forward against potential 2021 gains. If I am looking at my schedule D correctly, it seems like Turbotax is automatically doing a carry forward to next year. How do I tell Turbotax to use that excess loss to reduce other income instead? I am not seeing where I can make the choice to do that, if it is a choice. Thanks!
March 7, 2021
10:03 AM