Yes, you can claim the carryforward capital loss from 2022 on your 2024 tax return, even if it wasn't used in 2023. Here's how:
- Log into TurboTax - for links to work below, be sure you are logged in to TurboTax.
- TurboTax will automatically import the $32,315 carryforward from your 2022 tax file if you used TurboTax for previous years (2022, and 2023). - If not
- Enter capital loss carryforward manually (as needed):
- Navigate to the capital loss carryover section: TurboTax Online/Mobile: Be sure you are logged and then then click capital loss carryover
- Enter the carryforward amount from your 2022 tax return.
- Turbo Tax will complete Schedule D and calculate how much of the carryforward offsets 2024 gains or reduces ordinary income (up to $3,000).
- Go to Tax Tools, Tools, and review your final return summary before submitting.
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