Can I enter a long term capital loss carry forward for this year if I didn't enter it last year?

[tiawalt]

I have a $3000 LT capital loss carry forward for each of the next 22 years.....apparently I did not enter the allowed (-3000)   successfully last year  even though I filed a Schedule 1 and Schedule D.  How can I enter it (-3000) this year?

[hbl3973 · Accepted solution]

The short answer is that you can apply the carryover to the current year, but you would lose last year's -$3000.  I strongly recommend you amend last year's return to correct that return and then move back to 2019.

The basic rules are detailed in IRS publication 550 (https://www.irs.gov/pub/irs-pdf/p550.pdf).  Referring to page 67, it says:

"When you figure the amount of any capital loss carryover to the next year, you must take the current year's allowable deduction into account, whether or not you claimed it and
whether or not you filed a return for the current year."

[AmeliesUncle]

DON'T enter $3000.  Enter the ACTUAL amount of carryover loss.  The program will apply the proper limitations.

[tiawalt]

Thank you so much for your help. It's comforting to know that there are people out there who have a combination of skilled learning , intuition and common sense and are, at the same time, available through the TurboTax system to assist us.   Well done.   Certainly appreciate your assistance.