Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
yixin1996
Level 1

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

 
1 Best answer

Accepted Solutions
JohnB5677
Employee Tax Expert

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

 

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

4 Replies
JohnB5677
Employee Tax Expert

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

 

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

arrowhead44
Returning Member

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

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
Employee Tax Expert

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

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
statusquo
Level 3

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 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.


@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)?

Dynamic AdsDynamic Ads
Privacy Settings
v