For 2023, I have $4202 of capital losses that I am carrying over. It shows that I have $3000 of allowable loss but it is deducting only $1202. How can I correct this?

Which of these numbers do you see on the Form 1040, Line 7?  To see this line follow these steps:

 

In TurboTax Desktop - 

1. Click on Forms in the upper right corner. 
2.  Then click on 1040 in the list on the left.  
3. Scroll down the form to view Line 7

In TurboTax Online:

1. Click on Tools in the menu on the left
2. Click on Tax Tools
3. In the box that pops up on Tax Summary
4. Then click on Preview My 1040 in the menu on the left
5. Scroll down to view Line 7

If you see the $3,000 here, then the issue is with the display screen in the software but your tax return is correct.  If you do not see the $3,000 here please let us know so that we can continue to troubleshoot. 

This assumes that you do not have capital gains in 2023 that are being offset first.  

Hi Susan - when I look at the 1040 form line 7, it correctly shows $3000.  

I think you are looking at the Income Summary screen.  That should show $1,202 in the 2023 column. 

 

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.

Is this where you are looking?  This is the carryover to 2024 next year.  Not the amount used for 2023