What worksheet calculates the ABCA Loss Carried Forward? I don't have a business or recall ever carrying forward losses?

Forum|Forum|2 years ago
February 13, 2024
2 replies
33 views

It says I have $40k to carryover to 2024.

TurboTax Live Deluxe Online

DianeW777

Level 15

It depends. If you sold any investments and there was an overall loss, then you are limited to a maximum loss of $3,000 that can be used to reduce all other types of income on your tax return. Any loss unable to be used is carried over.

Capital Gains and Losses

If you did not sell any investments, then you may need to provide additional information for us to help you.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Kgirl58Author

Level 2

Thanks. I didn't sell any investments.

I cashed a US Savings bond, but that is 1099-INT.

I haven't been part of a business since 2009, so if the carryover goes that far back shouldn't there be a worksheet explaining that? I would like to review the worksheets and forms before filing but only see the option to delete them. I don't want to delete something I can't even see.

JohnB5677

Level 15

Business losses can be carried forward for up to 20 years, So a 2009 business is still in the game.

Excess business losses that are disallowed for the current year are treated as a net operating loss carryover to the following taxable year. See Form 461 and instructions for details.

You do have the TurboTax Live feature.

When you need help from a tax expert, just select the “Live Help” button, and we'll connect you.

You can discuss your questions over the phone, via live chat, or via one-way video on your screen.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"