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Q. I found that my 2021 and 2022 tax forms didn't show the correct carryover capital loss. Wondering how to fix this so that it is taken into account for my 2023 tax filing?
A. You manually calculate the correct carry over amount. TurboTax should give you a pop up box or the amount it calculated. You can override the amount in that box, with the amount you calculate.
If you don't get the pop up box,
In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Investment Income
-Capital Loss carryover
Enter the amount you calculated there
Thanks @Hal_Al ! Do you know how I could calculate the correct carry over amount? I didn't put in my stock investments when filing 2021 and 2020 tax forms
The form you pointed to is only for 2022, but I wanted to enter for 2021 (and even 2020) as well. Do you know where can I do that? And is there a way for me to manually edit this number? Thanks!
There is no easy way to do that. If you have desktop TT software, for those years, you can re-enter and redo each return for an accurate calculation.
" I didn't put in my stock investments when filing 2021 and 2020 tax forms". That sounds like you may need to do amended returns for those years. The deadline for amending 2020 is 4-15-24. The amended returns should do the carry forward calc.
How to amend https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed
You may have to go to a tax pro to get this straightened out.
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