Capital loss carryover not generating for 2019

[adrianmorse]

I have a capital loss carryover from 2018. I followed the prompts and it generated the correct amount, but it lists it under 2018 and shows 0.00 under 2019.

After completing the prompts, it even tells me:

2019 Capital Loss Carryover
We hope this $1,502.00 tax breaks gives you a boost.

But it still shows 0.00 under the income section there for 2019...

What am I doing wrong here? Thanks!

[fanfare · Accepted solution]

If you had a 1500 carryover from 2018, you will use it all up in 2019.

Thus, 0.00

[adrianmorse]

Should it not still have an effect on my 2019 tax liability?

Edit: Once I relogged into TurboTax it seems to have updated and changed my tax liability. Thanks for your response. Now that it updated, the display of 2018 v 2019 #s makes sense as you described.

[Ray75]

I have a capital loss carryover of -$8556 from 2018. It shows the capital loss used in 2019 as a positive $8556 and $0 for loss carried forward to 2020. It then says 2019 Capital Loss Carryover of $8556 tax break gives me a boost.

shouldn’t it be giving me a capital loss of -$3000 for 2019 and still have -$5556 loss forwarded to 2020?

[nimbusowl]

I have the same issue. This appears to be a bug.

$6500 loss in 2018. I go through the Capital Loss Carryover wizard, it says my carryover is $3500. When I get back to the income screen, it applies the $3500 carryover to 2018 instead of 2019 in the CLC row.

There is no way to manually override this.

Please fix this bug.

[fanfare]

@Ray75 You too will have used up your carryforward if you had gains in 2019 exceeding $8556.

[Ray75]

That doesn’t sound right because I can only use $3000 of my carryover loss to offset any 2019 capital gains. The worksheet should still show $3000 carryover loss being used in 2019 and the remaining $5556 to be carried over for future years.

[Fearless1]

I still don't  understand. I have a $2835 carryover from 2018 going into 2019, but $0 shows up in the 2019 column. My 2019 capital gains exceed the carryover amount, so I think the 2019 capital gains should be reduced by the 2018 $2835 carryover, and that should result in a lower tax amount. But it doesn’t. I definitely think there’s a bug in the system.

[daiyl0320]

I had a similar issue, it showed I could add capital loss carryover for -$4019 from 2018 return, and it showed hope the $4019 carryover could boost my tax break. It then showed that there is $0 carryover from 2018 added to 2019, it should be -$3000 to 2019 return.

I believe this should be a bug, can any tech engineer look into this? Thanks.

[ColeenD3]

If it did not carry forward, then you can manually enter it.

Open your TurboTax return, search for capital loss carryover, and then select the "Jump to" link in the search results.

[fanfare]

@Ray75  It is right. your gains will exhaust your carryover if larger than the carryover  loss.

the $3000 limit applies to any remaining losses.

[Ray75]

I didn’t have any capital gain on sales in 2019 but I did receive capital gain distributions. Would it have used the entire $8556 carryover to offset capital gain distributions?

[nimbusowl]

Hi Coleen,

While you can manually edit the fields that are used to calculate the carryover amount, there doesn't seem to be a way to manually enter a (correct) carryover amount for the main Income worksheet.

It appears the capital loss carryover amount is applying to the WRONG year. 2018 rather than 2019. Please inform your product team that there's a probable bug here. Thanks.

[nimbusowl]

@Ray75 , @Fearless1  and others

FYI I got online with a support specialist. It looks like it's actually working, but the display of the numbers are unintuitive.

The "capital loss carryover" column is showing how much you'll have leftover for next year. Meaning the 2019 column shows your remaining loss usable in 2020 taxes. I'd suggest to the product people that this row should be called "capital loss carryover used" instead, and the columns should match the year it's used in.

You can validate that the loss is being accounted for if you look at Tax Tools>Tools>View Tax Summary. Add up your income and subtract the loss you expect, and that calculation should match the Total income field.

The most strange thing to me is that my tax owed never changed after "editing" the capital loss carryover item. I think this is because Turbotax had already calculated and applied this value even before entering any data for this year.

Hope this helps.

[Fearless1]

I tried everything and my tax owed didn’t change either. Then I went to H&R Block site, and did my taxes. Guess what? My tax owed was corrected downward to account for the 2019 capital loss carryover, exactly as I expected. Sorry, Turbotax needs a fix real soon.