2529341
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Capital Loss Carryforward Worksheet from my 2020 return?

Hi,

For my 2021 taxes when I get to the capital loss carryover section using TT Premier 2021
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
DavidD66
Expert Alumni

Capital Loss Carryforward Worksheet from my 2020 return?

Can you clarify your question by finishing it.

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

Capital Loss Carryforward Worksheet from my 2020 return?

Sorry for some reason it appears the question got truncated; see below...

 

For my 2021 taxes when I get to the capital loss carryover section using TT Premier 2021; I am prompted to enter the carryover amounts from 2020. To fill out the fields for short and long term capital loss carryover for both the Regular Tax and AMT I referenced the "Capital Loss Carryforward Worksheet from my 2020 return.

First Question: is this the correct form to use to populate these entries?


Second Question: using the"Capital Loss Carryforward Worksheet from my 2020 return; the LT cap loss carry forward to 2021 for Regular Tax shows $2,361 and AMT shows $0. So, on the 2020 return the same value of $2,361 was used on form 1040 Line 7 as a cap loss (-$2,361). Is it correct that the same exact amount of $2,361would carry forward to 2021 as a LT cap loss as well? I am presuming this could be correct because TT 2020 form 1040 Line 15 taxable income showed ZERO but actually calculates as -$8,886 and so if I were to add back the $2,361 LT cap loss to the -$8,886 of taxable income the result would still calculate out to a negative taxable income at -$6,525 possibly justifying the duplicate carry forward to 2021.


Please advise based on the two questions above.


Thanks,

geauxbro

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question