I have a cap loss from "22 for a stock that went bankrupt, was delisted. I didn't claim on my 22 return. Can i claim this capital loss on my 2023 return? If so, how?

[rcdfw1109]

I'm using TurboTax Premier.  It's less than $3,000 loss.  Loss occurred in 2022 and I forgot to claim it in '22 but I want to claim the loss on my 2023 return.

[JohnB5677]

Yes, you can carryover unused capital losses from year to year.   

• However, if the loss was less than $3,000 in 2022 you may have already used it.
• Each year you can use capital losses to offset capital gains and then take an additional $ as a reduction of income $3,000.

If you've confirmed that you didn't completely use the loss. 

• TurboTax will carry the loss over for you.
• If you didn't use TurboTax in 2022, or you're convinced it didn't carry over, you can post it manually.

Log into TurboTax

1. On the main menu on the left side of your screen
2. Select Tax Tolls, 
3. And then Tolls
4. A pop up will appear
5. Choose the box Topic Search
6. Type Capital Loss
7. It will bring you to that area.
8. Enter your carryforward losses.

[rcdfw1109]

Thank you.  I confirmed I didn’t claim it last year.  I forgot about it and it wasn’t reported by my brokerage firm on my 1099 last year or this year…I guess because it wasn’t a sell.  The stock went bankrupt and was delisted by the exchange.  So if I didnt even claim it last year to use as a carryover, I should list it this year as a carryover like you suggested based on the cost basis.

[AmeliesUncle]

If the loss occurred in 2022, you need to amend your 2022 tax return to claim the loss.  You can not claim it on your 2023 tax return.