Oh I did find this. Capital Loss Carryover screen showing incorrect calculations
https://ttlc.intuit.com/turbotax-support/en-us/help-article/new-subscriptions/capital-loss-carryover-screen-showing-incorrect/L0f9krvPv_US_en_US?uid=m6y32pg6
From 2023? The full amount carries over. The 3,000 is just the max loss you can claim each year AFTER offsetting any gains you have. So you might use more of it up in one year.
Thank you for your quick response. I was concerned because I had read in help
"Currently, some TurboTax customers are experiencing issues with the capital loss carryover calculations"
This is our first return that I can recall that carried over more than $3,000.
For future reference, how I will know when the capital loss carryover calculation glitch (or any other) is corrected. Would the return automatically update if it hasn't been submitted?
I haven't heard of a capital loss carryover glitch yet. Are you using the Online version or the Desktop program? If you are using the Online version it should automatically update or you might need to go back though that section again. For Desktop you have to update the program.
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.
Oh I did find this. Capital Loss Carryover screen showing incorrect calculations
https://ttlc.intuit.com/turbotax-support/en-us/help-article/new-subscriptions/capital-loss-carryover-screen-showing-incorrect/L0f9krvPv_US_en_US?uid=m6y32pg6
Thank you for the information. I have signed up for emails regarding the fix. I am completing my return on a MAC and cannot find anywhere in the program a way to "update the program". I'll just wait for the capital loss carryover fix. Thank you for your assistance.
To update on Mac you need to close/quit the program and relaunch it. It automatically updates. when you start the program.
We’ve had the same issue. Turbo Tax carried forward (and applied) ALL LOSSES from 2023 (not the max $3K).
I didn’t notice until after I already e-filed our taxes. When TurboTax ran the analysis, it said everything was fine.
this is definitely a problem.
@kswest4 How much in on 1040 line 7? It can only be the max loss of 3,000 unless you had a net gain. Yes You do carry over and apply ALL the carryover loss from 2023. You must have had some gains in 2024 to use up the 2023 Capital Loss Carryover .
You get to first offset the loss against any gains you have each year so that can use more of it up. Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year. Turbo Tax does all the calculations for you. Just enter the prior year carryover amount.
You have to report the carryover every year until it's used up. You can't skip a year. Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year. You can't choose when to use it.
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.