Where do I find capital gain loss carry over to 2020 tax? I see the calculations on schedule D but there is no clear line with amount of loss to be carried over!
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The Capital Loss Carryforward does not have a form number but can be found in your worksheets. It may be abbreviated to Cap Ls Carryfwd.
Found it in the work sheet broken as LT & ST carry over to Y2020. Not sure what the difference is!
LT refers to Long Term Capital Gains. ST is Short Term Capital Gain.
Long term Capital Gains are from stocks or assets that were held for more than a year. These gains get preferential tax treatment and are typically taxed at a lower rate.
Short Term Capital Gain is for items held less than one year. These gains are taxed at your highest marginal tax rate.
The work sheet shows a box on each line of ST & LT tax. No explanation is available.
If these are for rates to apply to the 2018 carry forwards, where do I get the tax rates?
The TurboTax automatically uses the 2018 capital loss to offset at least part of capital gain you realized in 2019. Also the tax rates are applied automatically. No need to worry about that. You should review the completed federal tax to make sure that the 2018 carryover losses are applied.
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