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Returning Member
posted Feb 5, 2025 8:12:49 AM

I have a Capital Loss Carryover from 2023. I have entered this into TurboTax and it should reflect an entry of (3000) on my 1040 Line 7. Why is it not showing on 1040?

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4 Replies
Level 15
Feb 5, 2025 9:42:12 AM

It almost surely is.  Capital loss carryover is initially entered on your Schedule D.  If you have no current-year capital gains or losses, your carryover amount will appear on line 7 of Form 1040

 

However, if you have current-year capital gains or losses, the carryover will be considered in the Schedule D computation, along with those gains or losses.

 

When you input your capital loss carryover data into the TurboTax program, it will generate on line 6 of your Schedule D if it's a short-term carryover, or line 14 if it's a long-term carryover.

 

See the Capital Loss Carryover Worksheet—Lines 6 and 14  in the 2024 Instructions for Schedule D for more information.

 

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Returning Member
Feb 6, 2025 1:08:06 PM

The capital loss carryover should result in a capital loss of $3000 on Line 7 of the 1040. I calculated the capital loss by hand using the IRS instructions. TurboTax shows 0 capital loss on Line 7.

Level 15
Feb 6, 2025 5:18:21 PM

if your 2024 SELL transactions used up your carryover, you won't get any loss deductions

In that case, Line 7 would be positive.

 

break even to exactly -0- is a rare occurrence.

 

@wfc23 

Returning Member
Feb 7, 2025 10:18:36 AM

I had no capital gains in 2024. The IRS worksheet calculations result in $3000 to be entered on Line 7 of the 1040. TT does not enter that amount on Line 7.