How to utilize $3000 yearly limit for investment losses for 2024; turbo tax has it at $0 - how to change this

[DoninGA · Accepted solution]

If you have a capital loss carryover from 2023 -

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

[Mike9241 · Accepted solution]

to have deductible capital losses, you must have net capital losses for the year which includes any capital loss carryover. 

[Michael652]

TurboTax will only show a $3,000 deduction if you have net capital losses for the year (or carried forward from a previous year).
If it’s showing $0, it means:

1. You didn’t enter any investment sales (Form 1099-B or equivalent), or

2. Your total gains offset your losses (no net loss), or

3. You didn’t carry over prior-year losses from your 2023 tax return.