turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

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

cjasper40
New Member

Capital loss carryover... What goes in the Regular Tax box

turbo tax asks for info about carryover losses.  about short-term or long-term.  it shows two boses for each "term".  one box is asking for something in it about " Regular Tax" ,   the other asks for the Amount.  I don't know what goes in the "Regular Tax box.

Connect with an expert
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.

1 Best answer

Accepted Solutions
CathiM
New Member

Capital loss carryover... What goes in the Regular Tax box

Enter the amount in the Regular Tax boxes. AMT doesn't mean "amount".  The AMT is Alternative Minimum Tax.  So, all four boxes are meant to have amounts in them, if you have AMT.  If not, leave the AMT boxes blank.  Most people don't have AMT, and even if you did, the Regular and AMT carryover is usually the same.

The AMT carryover could be a different amount than the Regular Tax amount, so they give you both boxes.

It can sometimes be difficult to find your Capital Loss Carryover for Alternative Minimum Tax (AMT) on a copy of your 2016 return. Here are a few tips for finding the correct amount. Although keep in mind that in most cases the AMT capital loss carryover will be no different than the amount for regular tax.

The first place to look for your AMT capital loss carryover amounts is on a summary statement that usually appears at the beginning of a taxpayer's copy of a printed tax return. Each "summary statement" will be a little different depending on who prepared it. If you have a complete print-out of your 2016 return, look at the first few pages to see if you can locate an area that summarizes your results. In particular, you're looking for a section that talks about "Carryover" information. Listed in the carryover information should be several lines and/or columns identifying your short-term and long-term capital loss carryovers for regular and AMT tax purposes. If you're able to locate this, you can just enter the AMT amounts directly into TurboTax.

If you don't have any summary information with your 2016 return, the next thing to look for is a copy of Schedule D for AMT purposes. It is very important that you locate the copy of Schedule D used for AMT, and not the standard Schedule D. This will generally be identified with a label at the top reading "Alternative Minimum Tax", "For AMT Purposes Only", or a similar label referring to AMT. If you can locate this form, then we can help you figure out your carryover amounts using information on this form.

If you're not able to locate either of the above items, then you can try to recreate the carryover amounts using a 2016 Schedule D and the instructions for Form 6251, Alternative Minimum Tax, line 17. Or you may try contacting whoever prepared your return last year and asking for the AMT Capital Loss Carryover amounts (short-term and long-term).

If none of the above tips works for you, then chances are your AMT capital loss is the same as your capital loss for regular tax purposes. This means you don't have any differences and don't need to enter anything else for AMT capital loss carryovers. This is true for the vast majority of people.

View solution in original post

5 Replies
CathiM
New Member

Capital loss carryover... What goes in the Regular Tax box

Enter the amount in the Regular Tax boxes. AMT doesn't mean "amount".  The AMT is Alternative Minimum Tax.  So, all four boxes are meant to have amounts in them, if you have AMT.  If not, leave the AMT boxes blank.  Most people don't have AMT, and even if you did, the Regular and AMT carryover is usually the same.

The AMT carryover could be a different amount than the Regular Tax amount, so they give you both boxes.

It can sometimes be difficult to find your Capital Loss Carryover for Alternative Minimum Tax (AMT) on a copy of your 2016 return. Here are a few tips for finding the correct amount. Although keep in mind that in most cases the AMT capital loss carryover will be no different than the amount for regular tax.

The first place to look for your AMT capital loss carryover amounts is on a summary statement that usually appears at the beginning of a taxpayer's copy of a printed tax return. Each "summary statement" will be a little different depending on who prepared it. If you have a complete print-out of your 2016 return, look at the first few pages to see if you can locate an area that summarizes your results. In particular, you're looking for a section that talks about "Carryover" information. Listed in the carryover information should be several lines and/or columns identifying your short-term and long-term capital loss carryovers for regular and AMT tax purposes. If you're able to locate this, you can just enter the AMT amounts directly into TurboTax.

If you don't have any summary information with your 2016 return, the next thing to look for is a copy of Schedule D for AMT purposes. It is very important that you locate the copy of Schedule D used for AMT, and not the standard Schedule D. This will generally be identified with a label at the top reading "Alternative Minimum Tax", "For AMT Purposes Only", or a similar label referring to AMT. If you can locate this form, then we can help you figure out your carryover amounts using information on this form.

If you're not able to locate either of the above items, then you can try to recreate the carryover amounts using a 2016 Schedule D and the instructions for Form 6251, Alternative Minimum Tax, line 17. Or you may try contacting whoever prepared your return last year and asking for the AMT Capital Loss Carryover amounts (short-term and long-term).

If none of the above tips works for you, then chances are your AMT capital loss is the same as your capital loss for regular tax purposes. This means you don't have any differences and don't need to enter anything else for AMT capital loss carryovers. This is true for the vast majority of people.

Anonymous
Not applicable

Capital loss carryover... What goes in the Regular Tax box

Line 13, long term capital loss carryforward to 2020 on my carryforward worksheet produced by turbotax 2019 shows different amounts for regular tax and AMT. Does this mean I have different capital loss carryforward amounts for AMT when answering this question in Turbotax 2020? If so, how do I calculate the figures it wants for adjusted short term gains and losses, and adjusted long term gains and losses, and allowable loss, because turbotax produced no schedule D for AMT on my 2019 return. Thanks

DaveF1006
Expert Alumni

Capital loss carryover... What goes in the Regular Tax box

 

It depends. what is your AGI for 2019 and 2020? You might not have an AMT situation to be concerned about because if you did in 2019, there would be a schedule D generated in your return for AMT purposes.

 

[Edited 04-29-2021|06:17 PM PST]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Anonymous
Not applicable

Capital loss carryover... What goes in the Regular Tax box

AGI for 2019 was negative about $2k. AGI for 2020 looks like about positive $188k

ErnieS0
Expert Alumni

Capital loss carryover... What goes in the Regular Tax box

TurboTax will print a 2019 Capital Loss Carryover Worksheet showing the amounts. Check you 2019 return.

 

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

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies