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How can I manually change the net short- & long-term capital loss carry fwd amounts (Sched D, lines 7 & 15)? TT applies $3k from Short term, I want to use long term 1st.
The totals and amounts are correct, it's just that TT seems to be applying the $3k carry forward loss amount from my short-term carry forward balance (Line 7 on Sched D) as opposed to the long-term capital loss carry forward (Line 15 on Sched D). I'd rather us the long term first. I can white it out, but I'd rather change it on the actual form.
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How can I manually change the net short- & long-term capital loss carry fwd amounts (Sched D, lines 7 & 15)? TT applies $3k from Short term, I want to use long term 1st.
It is required to use the short-term losses first.
From Publication 550:
Use short-term losses first.
When you figure your capital loss carryover, use your short-term capital losses first, even if you incurred them after a long-term capital loss. If you have not reached the limit on the capital loss deduction after using the short-term capital losses, use the long-term capital losses until you reach the limit.
https://www.irs.gov/publications/p550#en_US_2017_publink100010734
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How can I manually change the net short- & long-term capital loss carry fwd amounts (Sched D, lines 7 & 15)? TT applies $3k from Short term, I want to use long term 1st.
Please see TaxGuyBill's answer below.
Edited 04/15/2019 | 3:17 PM
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How can I manually change the net short- & long-term capital loss carry fwd amounts (Sched D, lines 7 & 15)? TT applies $3k from Short term, I want to use long term 1st.
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How can I manually change the net short- & long-term capital loss carry fwd amounts (Sched D, lines 7 & 15)? TT applies $3k from Short term, I want to use long term 1st.
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