VolvoGirl:
Thanks for details explanation. You said online version which I never used. I have been using the TT from Costco for more than 20 years and I believed I didn't see any capital loss carryover most of the time as I have the loss to cover the deduction every year, therefore it didn't have an impact on my past tax returns.
I lost over $3000 most of the time every year and had $3000 deducted most of the time. I believe I should have enough loss carryover accumulated to cover $3,000 every year. However, I saw in 2020 I had a capital loss deduction of $1623 which may not be right as the carryover had not been transferred from past year. Can I go over my 20 years tax return to add up all the losses and the deductions taken and update my capital loss in 2024? Will that be an issue with IRS.
I do have gains in stocks which I haven't take the profit. I think I should do the tax harvesting now and get my 2024 tax return come to a $3000 gain so that a deduction from carryover can effectively bring the amount close to $0 so I don't have to pay tax. What do you think?
