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scodeb444
New Member

Capital loss carryover

I have a carryover from 2023. TurboTax is applying the entire amount to my 2024 taxes, but I don't want to use any of the carryover amount for 2024. I want to carry the full amount over to 2025. How can I stop TurboTax from applying it on my 2024 return?

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1 Reply

Capital loss carryover

Sorry you can't skip a year or choose when to use it.    Do you have a low 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.

 

On the income page The 2024 column shows the carryover to 2025 (not your current loss for 2024). 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.

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