Capital Loss Carryover

[MaBor]

My 2023 Capital Loss carryover made it into my 2024 federal return but did not transfer into my Massachusetts return.    Also, when I run the TurboTax "Review" I receive the "Analysis Complete" screen but when I select "Continue" I see no results indicating errors to be fixed but instead I am taken to "Let's finish your Massachusetts return" and I am directed to the beginning of the Step-by-Step for State taxes.  How will I know if my returns are correct?  Should I still try to e-File?

[DianeW777]

Massachusetts (MA) allows the capital loss carryover. Step through the MA return to see if you missed a screen for questions about it, however TurboTax should carry it automatically.  It will come through Schedule B.

• New § 2(c)(2) allows taxpayers to carry over excess long-term and short term capital loss deductions from tax year to tax year, without limit, until a taxpayer has used the last of the capital loss deduction.

Review your state return by using the steps below to see the return summary. Also you can print your return before you file.

You have access to all forms when you choose to print your return in TurboTax Online/Mobile.  However you are required to pay before printing, but do not have to file until you are ready.

• Can I print a copy of my return in TurboTax Online before filing?

If you are using TurboTax Desktop you can switch to Forms and review all forms and worksheets.

Preview:

From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.)

1. Select Tax Tools
2. On the drop-down select Tools
3. On the pop-up menu titled “Tools Center”, select View Tax Summary 
4. On the left sidebar, select Preview my 1040 

For TurboTax Desktop, change to 'Forms' and review the forms 

                       

[dansherpa]

>> "Massachusetts (MA) allows the capital loss carryover. Step through the MA return to see if you missed a screen for questions about it, however TurboTax should carry it automatically.  It will come through Schedule B."

True, "Massachusetts (MA) allows the capital loss carryover." The issue is that TurboTax for Massachusetts is not automatically carrying over these losses from the prior year, even though it has that information available to it. Going through the Massachusetts interview, there is a question asking if you have prior year LT and ST carryovers, and it defaults to "No". But it should already know that you did if you gave it access to your prior year's return, in which case it should default to "Yes".

Also, ST cap gains are on Sched B as stated, but LT cap gains are on Sched D.