Look on last year's Schedule D, specifically lines 16 and 21. If the line 16 loss amount is greater than the number shown on line 21 (pretend they're both positive numbers), you should be getting a capital loss carryover on this year's return.
To find the 2021 carryover amount on your 2022 income tax return, look on Schedule D:
- Lines 6, Short-term capital loss carryover, and
- Line 14, Long-term capital loss carryover.
If you transferred data from last year's TurboTax return, your carryovers are already accounted for.
- For the current year capital loss carryover, just open your TurboTax return, search for capital loss carryover, and then click the "Jump to" link in the search results.
Carryover losses on your investments are first used to offset the current year capital gains if any. You can deduct up to $3,000 in capital losses ($1,500 if you're married filing separately). Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up.
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