Capital Loss Carryfoward Worksheet Turbotax 2024

[patamelia]

I was just doing a last check of my return before filing. On line 1 is a number that I cannot account for -486.

I looked at past taxes and it seems to appear every year (different number positive or negative). The form was generated from last years Turbotax.

Example 2023-2024 line 1 is -486,  line 15 of 2023 1040 is 0 and the carryforward to 2024 1500 (reduced -486)  =1014 is then manipulated. On Schedule D  carryfoward is actually xxxx-1500.  Can I just ignore the calculation and only check line 13?  Schedule D is correct. What is on line1?

[rjs · Accepted solution]

On the Capital Loss Carryforward Worksheet from 2023 to 2024, line 1 in the Regular Tax column is line 11 of your 2023 Form 1040 minus line 14 of your 2023 Form 1040. If Form 1040 line 14 is more than line 11 the result will be a negative number.

The description of line 1 is shortened and does not fully describe what has to be entered there. The description says "Enter the amount from 2023 Form 1040, line 15. If a loss enter as a negative amount." But Form 1040 line 15 cannot be a loss. Line 15 says "If zero or less, enter -0-." When line 1 on the Capital Loss Carryforward Worksheet says "If a loss enter as a negative amount," what it really means is to enter the loss that would have been on Form 1040 line 15 if it was allowed to be a loss. So if Form 1040 line 15 is zero you can't enter the zero on the Capital Loss Carryforward Worksheet. You have to subtract Form 1040 line 14 from 11 to see what the loss would have been if a loss had been allowed on line 15.

[VolvoGirl]

Will this help?   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.

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.

[patamelia]

Hello RJS,

Thanks so much. Now I feel much better. I hate it, when I can't understand something like that. You really explained it so that it is completely understanadable.

[patamelia]

Hello VolvoGirl,

Thanks for your quick reply.😀