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obabin22
New Member

$2k Capital loss carryover from 2019 is not being applied to 2020. I had a $5k loss in 2020, took $3k last year and would like to utilize the remaining $2k this year.

Capital loss carryover from 2019: (-$2k)
Capital loss used in 2020:                 $2k
Loss carried forward to 2021:           $0.00
3 Replies
Mike9241
Level 15

$2k Capital loss carryover from 2019 is not being applied to 2020. I had a $5k loss in 2020, took $3k last year and would like to utilize the remaining $2k this year.

from your illustration is seems the carryover is being applied to 2020. what seems to be missing is the $5K in losses in 2020.  check your entries. we can not see your return. 

obabin22
New Member

$2k Capital loss carryover from 2019 is not being applied to 2020. I had a $5k loss in 2020, took $3k last year and would like to utilize the remaining $2k this year.

Thank you for a super quick reply.

 

I declared $5k loss in 2019 and used $3k (married/filed jointly) loss to offset my W-2 income in 2019, thus carrying forward $2k. The way TT is presenting 2020 is almost as if I am not getting the remaining $2k as tax break against my 2020 W-2, but after digging into it and adjusting my 2019's original loss from $5k down to $3k my refund went down so I was able to prove to myself that TT is taking a deduction on the back-end, just doing a lousy job communicating it to end user.

fanfare
Level 15

$2k Capital loss carryover from 2019 is not being applied to 2020. I had a $5k loss in 2020, took $3k last year and would like to utilize the remaining $2k this year.

Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend if a TurboTax update changes your return or for any other reason,
AND, to verify that carryforward losses show up on Schedule D.
AND, to find your AGI next year.

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