I have a federal capital loss carryover and am filing in California. What do I put in California capital loss carryover (AMT vs not)?

[JohnB5677]

California does generally follow the federal treatment of capital loss carryovers.  However, it does not  allow capital loss carrybacks.

So as long as you didn't do a carryback, California losses will match the Federal.

[arrowhead44]

So when the Turbo Tax program directs me, a full-time California resident, to insert the amount of my California capital loss carryforward for tax year 2019, should I be inserting the same amount as my federal capital loss carryforward?

[JohnB5677]

The amounts may not match.  You should pull out your previous years' California returns and look at the Schedule D line 6 for the carryover.

[statusquo]

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@JohnB5677 wrote:

The amounts may not match.  You should pull out your previous years' California returns and look at the Schedule D line 6 for the carryover.

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@JohnB5677,

So if I follow the conversation correctly, previous year's return would be in 2018 for user arrowhead44. Isn't line 6 in Schedule D shows the previous year before 2018? 

I'm seeing line 6 for tax year 2018 as:

California capital loss carryover from 2017 if any

So clearly line 6 is not the right one to show the carryover information for 2019 tax year. I do see the carryover for 2018 in the California Capital Loss Carryover Worksheet under California tax. You have to view the forms on the top left corner (if you are using the desktop version).

Other than that, do you know why California and Federal have different carry over for capital loss (stocks)?

[BeethovenSonafa]

What is a carryback? If I didn't do a carryback, would I input the same amount of federal to my CA capital loss carryover? 

P.S. If this is the first year filing taxes in California

Please advise, thank you!

[HopeS]

It depends, on whether or not the capital loss carryover relates to losses for investments sold while a resident of California. Please clarify your question.

Please be aware that Capital losses (short-term or long-term) cannot be carried back to an earlier year. You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.

Typically yes, California follows federal law that allows regulated investment companies to treat net capital loss carryovers similar to the treatment available to individuals. See the rules below relating to Capital Loss carryover, Form 540, Line 6

Line 6 – 2021 California capital loss carryover.
If you were a resident of California for all prior years, enter your California capital loss carryover from 2020. However, if you were a nonresident of California during any taxable year that generated a portion of your 2020 capital loss carryover, recalculate your 2021 capital loss carryover as if you resided in California for all prior years. Get FTB Pub. 1100, Taxation of Nonresidents and Individuals Who Change Residency, for more information. Enter your California capital loss carryover amount from 2021 on line 6.

See how to enter Capital Loss in the link below and a link for California Capital Loss Carryover rules:

Capital Loss

California Capital Loss Carryover

@BeethovenSonafa