Does the 2022 capital loss get deducted from the carryover capital loss of previous years ?

[lavancedavis]

I have a large carryover capital loss, so I can take the 3000 loss from that. I have have a 2022 sale with a capital loss which I can take. My quesiton is does taking the 2-22 loss reduce the amount of the carryover loss

[MonikaK1]

If you report a capital loss in 2022, and you already have a capital loss carryover, TurboTax will list both on Schedule D of your completed tax return. If your capital losses exceed your capital gains, the amount of the excess loss that you can claim to lower your income for 2022 is the lesser of $3,000 ($1,500 if married filing separately) or your total net loss shown on line 16 of Schedule D.

Any remaining capital loss after the deduction for this year will continue to carry over to 2023.

See this IRS article and this TurboTax tips article for more information on this topic.

[robtm]

If the cap[tal loss for 2022 is greater than 3000, then the excess loss would be added to your capital loss carryover from prior years to be used on your 2023 taxes. If the 2022 loss is less than 3000, then prior years carryover losses would be added to make the 3000 and the balance of prior years loss would be reduced by that amount. You keep applying prior years carryover losses on next years taxes until they are used up

[lanica2009]

I am doing my 2023 taxes and the 2022 capital loss did not carryover. Why? I would appreciate any recommendations that you can provide me.

[fanfare]

If you didn't import your 2022 return at the start, it won't carry over.

You can either start over, or enter the amount manually.

@lanica2009