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lilis
New Member

I was going to come back to fill in the California Capital Gain/Loss Caryover under the Federal Tax . But now I can't find where to put it. if I left out will it affect Federal Tax I owed?s

 
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AmandaR1
New Member

I was going to come back to fill in the California Capital Gain/Loss Caryover under the Federal Tax . But now I can't find where to put it. if I left out will it affect Federal Tax I owed?s

No, leaving your CA capital carryover loss off, will not affect your federal taxes.

You can deduct up to $3,000 ($1,500 if married filing separate) of capital loss carryover each year for your federal return.  California has it's own similar calculation, but this isn't entered on the federal side and does not affect federal taxes.  To check your CA loss carryover, review your state tax question (unless you know you entered it here already) under: State Taxes >>> Click Edit next to California

You should be sure you entered your federal capital loss carryover (or that it carried over in the software correctly) as this amount will affect your federal taxes. To check the federal amount, go to: Federal Taxes >>> Wages & Income >>> Investment Income >>> Capital Loss Carryover

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AmandaR1
New Member

I was going to come back to fill in the California Capital Gain/Loss Caryover under the Federal Tax . But now I can't find where to put it. if I left out will it affect Federal Tax I owed?s

No, leaving your CA capital carryover loss off, will not affect your federal taxes.

You can deduct up to $3,000 ($1,500 if married filing separate) of capital loss carryover each year for your federal return.  California has it's own similar calculation, but this isn't entered on the federal side and does not affect federal taxes.  To check your CA loss carryover, review your state tax question (unless you know you entered it here already) under: State Taxes >>> Click Edit next to California

You should be sure you entered your federal capital loss carryover (or that it carried over in the software correctly) as this amount will affect your federal taxes. To check the federal amount, go to: Federal Taxes >>> Wages & Income >>> Investment Income >>> Capital Loss Carryover

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