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Enter the $5,593 as a carryover loss on the 2023 tax return. The TurboTax program will apply your losses accordingly based on any capital gains on the 2023 return and if none the apply $3,000 as a loss on the return and carryover the remaining loss to the 2024 return.
For a capital loss carryover -
Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Capital Loss Carryover, click the start or update button
Or enter capital loss carryover in the Search box located in the upper right of the program screen. Click on Jump to 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.
Enter a Capital Loss Carryover under
Federal Taxes or Personal (Home & Business)
Wages and Income
Then scroll down to Investment Income
Capital Loss Carryovers - Click the Start or Update button
You enter the full amount that carried over, not just the 3,000
And actually you need to look at your 2022 Schedule D to get the right amount. I can’t tell which amount you should enter into Turbo Tax. It’s also possible you have other amounts on Schedule D that will affect your gain or loss and the carryover amount. Like if you have any capital gains on a 1099DIV.
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.
Follow the steps that VolvoGirl gave you to get to the Capital Loss Carryover topic in TurboTax. Then, when it asks whether you know your capital loss carryover amounts, select "No, I need help figuring out my capital loss carryover amounts." It will then ask you to enter the information from your 2022 tax return that is needed to correctly calculate the amounts to carry over to 2023. TurboTax will do the calculations for you. You just copy the specified amounts from your 2022 tax return.
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