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wfc23
New Member

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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1 Reply
JohnW152
Employee Tax Expert

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?

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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