Capital Loss Carry Over

[cheddar_cheese]

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?

[VolvoGirl]

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.

[VolvoGirl]

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.

[rjs]

@cheddar_cheese  @VolvoGirl 

See the following.

Why is the capital loss carryover screen showing incorrect calculations?