I have used TurboTax desktop for many years. I have Long Term capital losses carried forward for the last several years.
How can I see how much total (cumulative) Long Term Capital losses have been carried forward? I assume TurboTax keeps that total somewhere.
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To find your Capital Loss Carryover amount you need to look at your return schedule D page 2. Line 16 will be your total loss and line 21 should be a max loss of 3,000. The difference between line 16 and 21 is the carryover loss for next year.
Turbotax will apply it automatically to your next return.
also lines 6 and 14 of the current year schedule D will show the c/f from the prior year
line 6 short-term is used first.
there is also a worksheet Cap Ls Carryforward that will detail the c/f from the current year to next year. With online you would have to pay any fees to review the worksheet
Once you have a large loss, the total cumulative amount is not really interesting until you use it all up.
What counts is the current carryforward to 2024 tax return.
What you want is a profit/loss statement by year for your investments, regardless of tax.
Don’t know if you can get the Capital Loss Carryover total for that. Like the prior post says it shouldn’t matter for anything. What matters is the net gain or loss each year separately.
Each year……..You get to first offset the loss against any gains you have each year so that can use more of it up. Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year. Turbo Tax does all the calculations for you. Just enter the prior year carryover amount.
On the income page The 2023 column shows the carryover to 2024 (not your current loss for 2023). Schedule D doesn't actually show the carryover amount. To find your Capital Loss Carryover amount you need to look at your return schedule D page 2. Line 16 will be your total loss and line 21 should be a max loss of 3,000. The difference between line 16 and 21 is the carryover loss for next year.
There is also a 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.
BUT 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.
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