In 2020 I had a Futures 1256 contract loss of -92000 so with the 60/40 tax rule -55200 was the long-term capital loss and -36800 as a short-term capital gains loss. In the Federal Section TurboTax has been deducting the 3000 standard deduction amounts for 2020, 2021, and now 2022 from the short-term capital gains loss and carrying the rest forward.
This prompts the AZ state tax return to enter Capital Gain or Loss each year from Assets Acquired After December 31, 2011. Until the amount is gone should I enter negative -55200 each year unless there are gains to offset it? The instructions are so poor on TurboTax for this field I am afraid I have been doing it wrong and would like precise detail on what to enter in this field and if TurboTax requires further calculations. This field gives me great anxiety every year and I wish TurboTax would improve the info with some examples. I could really use the help of an expert please. Also, if there is an AZ TurboTax CPA, I can talk to about this specific issue that would be nice as a bonus for peace of mind. By the number of posts, I think many others would agree this needs more detail and attention in TurboTax. Thank you very much looking forward to hearing everyone's input on the negative capital gain how-to.
