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New Member
posted Feb 19, 2024 11:29:02 AM

Can I remove capital loss carryover. The carryover was already used in 2022, but I see it's duplicated on my 2023 tax return.

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5 Replies
Expert Alumni
Feb 19, 2024 11:56:38 AM

Type 'capital loss carryover' in the Search area, then 'Jump to capital loss carryover'.

 

You will come to a screen titled 'Did you have investment losses you couldn't claim in 2022'.  

 

Choose YES, then on the next screen, you have a choice to choose YES, I know my Capital Loss Carryover amounts, or NO, I need help calculating my Capital Loss Carryover. 

 

YES, gives a screen with ST Cap Loss/LT Cap Loss amounts that may have carried over from 2022, which you could delete.

 

NO will get a screen titled 'Let's get some info from your 2022 return', where  you can then enter, edit or delete amounts from your 2022 return.

 

 

 

 

 

 

 

 

 

Level 15
Feb 19, 2024 12:58:08 PM

are you sure you really used it in 2022. if captal losses pushes your 2022 agi into negative territory, that negative amount is not used and becomes a carryforward for next year

New Member
Feb 19, 2024 1:08:03 PM

Yes, I pulled out my 2022 tax documents and saw it was already used. 2021 shows the $3000 max amount used and 2022 shows the carryover. For some reason TurboTax is bringing it forward again for 2023, same amount. I qualify for free filing, but in order to edit the carry forward, I have to upgrade.

New Member
Aug 8, 2024 8:26:04 PM

I did what’s described.  Since I had no Capital loss carryover from 2022, so I entered zeros in all fields, but I still got the 2023 capital loss showed up on the Capital Loss Carryover Summary as Capital loss carryover from 2022.

Level 15
Aug 8, 2024 11:44:49 PM

we don't know what the c/f was from 2021 to 2022. Even though page 1 of the 1040 may show a capital loss. if 2022 adjusted gross income was negative that would mean some or all of the capital loss was not used and remains as a c/f to 2023. In the 2022 worksheets there should be one where the c/f to 2023 is computed. if it is zero there is a general c/f worksheet in the 2023 return where the c/o is reflected.  those numbers would have to be corrected so the proper c/f is shown on schedule D.

 

 

I would be surprised that Turbotax made such an error.

there is a worksheet on page D-11 of the schedule D instructions so you can do your own computation for c/f from 2022 to 2023

https://www.irs.gov/pub/irs-pdf/i1040sd.pdf