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howto2020
New Member

Do I have to enter the the tax loss carry forward for each of our investment accounts by short term and long term losses or can I enter one summary number?

Schedule D from our 2019 return from the tax preparer does not give me the details how the tax losses were determined last year.
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3 Replies
ColeenD3
Expert Alumni

Do I have to enter the the tax loss carry forward for each of our investment accounts by short term and long term losses or can I enter one summary number?

Yes, Schedule D does include a breakdown. The figures are combined on Page 2, Line 16, but it is broken out on Lines:

 

7 Net short-term capital gain or (loss). Combine lines 1a through 6 in column (h). If you have any long-term capital gains or losses, go to Part II below. Otherwise, go to Part III on the back

 

15 Net long-term capital gain or (loss). Combine lines 8a through 14 in column (h). Then, go to Part III on the back .

 

@fanfare

Thanks.

 

Edited [3/28/21|10:20  AM EST]

howto2020
New Member

Do I have to enter the the tax loss carry forward for each of our investment accounts by short term and long term losses or can I enter one summary number?

I am familiar with schedule D.  I am going from a tax preparer in 2019 to Turbo Tax.  Schedule D on my 2019 return line 16 has a value that represents net gains and losses from several accounts.  I do not have the worksheets that show what numbers come from which account.  May I just enter line 16 less line 21 on my 2019 schedule D in the section on Turbo Tax related to tax loss carry forwards in 2020.  Also, I do not know what the breakdown is in short term and long term gains.  Does it matter for the 2020 return?

Do I have to enter the the tax loss carry forward for each of our investment accounts by short term and long term losses or can I enter one summary number?

@ColeenD3  wrong worksheet.

 

It doesn't matter how many brokers you use.

As mentioned above, the carryforward values can be reconstructed if you have the Schedule D.

 

 

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