Carryover

[jerryjahsman]

The max of $3,000 did not report on my federal form or carry forward onto my MA return. The MA shows same carryover as 2018. I could not see this until I paid and was ready to file. Can I correct this before I electronically sign and file?

[Carl]

Did you sell rental property in 2017 or before that generated carry forward losses because after deducting the maximum $3K from other ordinary income, you had more still to carry forward to 2018? If so, did you not use up all of those losses on the 2018 return maybe?

[jerryjahsman]

It was stock sold in 2015 and that was only transaction. I had over $25,000 carryover from 2018. Can I modify my forms to claim the $3,000 max for 3019 even though I have paid TurboTax and only need to sign electronically and file?

[VolvoGirl]

You don't have -3,000 on 1040 line 6?  No schedule D?  Did you use Turbo Tax last year?  It should have transferred over.

If you transferred your prior return it should be already filled in.

Enter a Capital Loss Carryover under

Federal Taxes or Personal (Home & Business)

Wages and Income

Then scroll down to Investment Income

Capital Loss Carryovers - Click the Start or Update button

[VolvoGirl]

Yes if you haven't filed you can change anything you want.  Click on Add a State to let you back into your retun. 

[jerryjahsman]

In 2017 my schedule D showed long term loss of $25,000 and I claimed the max of $3,000. Somehow my 2018 showed long term loss of $3,000 and claim of max of $3,000.  This caused no automatic carryover on 2019.  When I enter correct carryover on the 2019 I get error because it does now sync with the 2018 form. Do I need to file amended fed and MA taxes for 2018 before I can file 2019?  I have already paid for 2019. If I must file amended 2018 forms how do I do it?

[DianeC958]

If you carryover loss was not correct in your 2018 tax return, Yes, you can file an amended return to correct this information.

How To Amend a Prior Year's Tax return Using TurboTax

Yes, it would be best to complete the amended return for 2018 before you file your 2019 return so that your carryover information is accurate.

Your 2019 tax return is not due this year until July 15,2020.  Also if you have a balance due it is not due until July 15, 2020.

[jerryjahsman]

How do I amend the 2018 Schedule D to show the correct carryover stock loss that is on my 2017 forms on  my 2018 Federal and MA forms and file the 2018 amended forms?

[JohnB5677]

If you've filed your return and need to add additional information, then you will have to prepare an amended return in TurboTax.

If you used TurboTax Online, simply log in to your account and select “Amend a return that was filed and accepted.” 

If you used our CD/download product, sign back into your return and select “Amend a filed return.” You must file a separate Form 1040X for each tax return you are amending.

Amend ONLINE    OR     Amend CD/Download       Amend 2016 - 2019

You will have to mail the amended return.  The IRS limits the system to only one Social Security number or Tax ID  to be E-Filed.  This is to guard against fraudulent tax returns.

Once your back into the 2018 return go to the section below to adjust the Federal, and go through the questions for the state

For the Federal Capital Loss Carryover you would go to:

1. INCOME
2. I'll choose what I work on
3. Scroll to Investment Income 
4. Select Capital Loss Carryover