If I have a capital loss of more then $3000 does turbotax is there anything specific I must do to ensure I only deduct the allowable $3000 or is this done automatically?

[MinhT · Accepted solution]

If you have capital losses of more than $3,000, TurboTax will automatically deduct $3,000 from your ordinary income and carry forward the balance. You do not need to do anything.

[Jfresh20]

Appreciate the response, So the amount it will carry forward is automatically carried over to next year? I don't have to keep track of these numbers myself?

[MinhT]

If you use TurboTax in 2019 and transfer your 2018 tax return, the balance will be carried over.

[Jfresh20]

Thank you for your help!

[mandoSD49]

 What if you want to use more then 3k  of the losses,  say I have 40k capital stock losses

turbo tax automatically only  used 3 and is carrying over the other 37k,   How do I  deduct more then 3k for my losses ?     My current balance due to Federal is like 5k,   I want to reduce that by using my captial losses 

[Hal_Al]

Q.   My current balance due to Federal is like 5k,   I want to reduce that by using my capital losses  How do I  deduct more then 3k for my losses ?    

A. You can't. It's not allowed.