How do I confirm that Turbotax has applied my rollover loss to capital gains—BEFORE I send away my return?

[adamadman]

I owe tax that I thought I would not owe once that amount was applied. I am concerned it has not been applied and, since it is larger than the applicable maximum, that the rollover loss will not continue to be applied until it is used up.

[GiseleD]

It sounds like you are asking if your capital loss carryover from 2018 was carried over to your 2019 return. If so, sometimes it helps to look at the forms to check on this. You will want to look at Schedule D. Lines 6 and 14 on Schedule D will display your short- and long-term capital loss carryovers, respectively. In your case, any carryovers may have been netted with 2019 capital gain. The benefit would then be the reduction of taxable capital gain.

If there was no capital gain to net this carryover, then you can deduct up to $3000 of capital losses against other income. The rest will carry over to the next year. To check on this $3000 capital loss, look at line 6 of your 1040.

Here's how to look at the forms in TurboTax:

• In the left-hand menu bar, click on Tax Tools, then click Tools.
• Under Other helpful links, click View Tax Summary.
• Your Tax Summary will be displayed. In the left-hand menu bar, you will see a new option: Preview My 1040. Click it, and this will allow you to see the forms. 

[adamadman]

Thanks for this info! The problem is that "Tax Tools" does not appear in the left-hand column. Only TurboTax, Tax Home, and Documents (plus Intuit Account and Sign Out). I am using a Macbook Pro with OS 10.13.6, and browser Safari (though I think I tried Firefox and had the same experience...I will have to try that again). 

Also, when I look for instructions about this on the site, it always says "just open your TurboTax return, search for capital loss carryover, and then select the Jump to link in the search results," but there IS NO Jump To link in the search results. You can imagine my frustration.

[adamadman]

The HELP that the program gives me online says I can review my return to ensure this is being applied, but none of the instructions work. I do not have "My Account" at the top of the screen; I do not have any "Review" links. There is no way to see my return and preview if before it is sent. There is no place to go to see if it is applying my loss—and I am pretty sure it is NOT doing so. Help?

[DoninGA]

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@adamadman wrote:

The HELP that the program gives me online says I can review my return to ensure this is being applied, but none of the instructions work. I do not have "My Account" at the top of the screen; I do not have any "Review" links. There is no way to see my return and preview if before it is sent. There is no place to go to see if it is applying my loss—and I am pretty sure it is NOT doing so. Help?

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If you are using the TurboTax 2019 online web based editions -

To access your current or prior year online tax returns sign onto the TurboTax website with the userID you used to create the account - https://myturbotax.intuit.com/

When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state. 

This will take you back to the 2019 online tax return.

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

[adamadman]

Wow! That is convoluted. I had to go into the State Taxes area first and then "Review/Edit" to get the Tax Tools box. The rest worked as you say. Thank you! I now have the problem that the summaries available still do not indicate that my rollover loss has been applied. So while you got me to a summary, I still can't confirm the program is working as advertised, and I still have a larger tax due than expected (notably higher, interestingly, for NY State than the federal government). So I cannot call the problem yet solved. 

[Critter · Accepted solution]

Instead of just PREVIEWING the return choose the PRINT CENTER option to download/view/print the PDF.

You can peek at only  the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

To pay the TurboTax online account fees by credit card, without completing the 2018 return at this time, click on Tax Tools >>> Tools  and then Print Center.  Then click on Print, save or preview this year's return.  On the next page, to pay by credit card, click Continue.  On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button.  The next screen will ask for all your credit card information so you can pay for the account.

[adamadman]

Indeed, I managed to get a customer service person on the phone (she was VERY NICE and patient...and devoted maybe 35 minutes to me!) and you were right on the money: If you pay for the returns, you can then download them for review and check all the numbers. This is what I had to do.