Doesn't Turbotax generate a capital loss carryover worksheet even if it is the first year reporting unusable losses?

[rjs]

No. The Capital Loss Carryover Worksheet for your 2023 tax return is for calculating a capital loss carryover from 2022 to 2023. The carryover from 2023 to 2024 will be calculated on the Capital Loss Carryover Worksheet for 2024 when you file your 2024 tax return in 2025.

[VolvoGirl · Accepted solution]

Yes but it may be too early for the investment section.  There will be many program updates to come.  

On the income page The 2023 column shows the carryover to 2024 (not your current loss for 2023).  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.

In the Desktop program you can go to Forms and find it in the list in the left column.

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.