Can anyone explain why the Capital Loss Carryover from TurboTax 2023 says the 2024 Carryover Amount is $18,437 - yet TurboTax 2024 says its $21,437? Isn't it suppose to use the prior year return?
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In 2023 did you have a low or 0 taxable income? If you have a negative AGI or negative taxable income it will show up on 1040 BUT it won't reduce the carryover to the next year.
Also look these up for each year.
There is a Capital Loss Carryover Worksheet showing the carryover from the prior year and the current amounts. Then there is also the Capital Loss Carry Forward worksheet showing the amount transferring over to next year.
In the Online version you have to save your return with all the worksheet as a pdf file to your computer to see the Capital Loss Carry Over and Carry Forward worksheets.
In the Desktop program you can go to Forms and find it in the list in the left column.
I wonder how LONG we need to wait for this "issue" to be fixed?
I noticed that 2024 Turbo Tax did not create a Carry Forward form like it did in the 2023 program?
2024 TurboTax does create a Federal Carryover Worksheet showing the capital loss carryovers from 2023 to 2024 and from 2024 to 2025 on lines 12 and 13, just like your picture of part of the 2023 Federal Carryover Worksheet.
Your question that started this thread is about capital loss carryover. In the picture that you posted of part of the 2023 Federal Carryover Worksheet you highlighted net operating loss carry forward. Net operating loss is completely separate from capital loss.
I do not have a 2024 "carry forward" form but a single "carry over form". In the 2023 program I have both forms.
I did not mean to highlight the operating loss.
You only get a Capital Loss Carryforward Worksheet if there is a capital loss carryover to the next year. You will only have it in your 2024 tax return if there is a capital loss carryover from 2024 to 2025.
There are two different "carryover" worksheets. There is a Federal Carryover Worksheet in every tax return. It contains a lot of information that is transferred from year to year, not just capital losses. This is the worksheet in your picture.
There is also a Capital Loss Carryover Worksheet. You only have this if you have a capital loss carryover from the previous year. In 2024 TurboTax you will have a Capital Loss Carryover Worksheet if you have a capital loss carryover from 2023 to 2024.
I see …. Thanks for the clarification.
Trying to figure out why this might be happening https://ttlc.intuit.com/turbotax-support/en-us/help-article/new-subscriptions/capital-loss-carryover...
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