Capital loss carryover not generating for 2019

[Ray75]

I’m going to try that as well as I still think there’s a glitch in the software.

[jgilpin]

I had a similar problem, and fixed it by finding the place in the investments to put the 2018(last year) AMT(alternative minimum tax found on form 6251, line 4) into the edit for Capital loss.  When the AMT was entered, then the software did post the correct information into the Schedule D and the final tax 1040 was also correct.  

[ebgbard]

I have used turbotax for 15 years.  This year I was doing it online.  I had a very big capital loss carryover from 2018 that the program would not recognize.  I spoke to one of their accountants who couldn't figure it out either but assured me the technical people said everything was fine.  The accountant referred me to an IRS publication that could have been in Sanskrit and explained nothing.  I downloaded the the program to my computer and without doing any tricks it immediately recognized the loss carryover.  Both of these are TurboTax products.  They have a problem.

[4EverQAEngineer]

Last year's tax return worked well, with the capital loss carryover being populated for the federal and state taxes. This year. The state tax populated the capital loss carryover as '0' and asked me to fill it in. I had to pull up my 2018 forms to find them and enter the amount.

I expected TurboTax to fill that out for me.

[JohnB5677]

Although both the TurboTax Online and TurboTax Desktop are from the same company they operate differently.  The Online version maintains you tax return in a secured Online system. The Downloaded desktop version maintains your file on your personal computer.

If you used the desktop version last year and changed over to the Online version this year the file would not automatically populate the new return.  This link would help you to transfer Desktop data to the Online version Transfer from Desktop to Online

[bloomingagain]

You cannot manually enter it. If the stock sale was in 2018, you cannot get TT to accept that date. I had a $325 carryover and 0 capital gains in 2019. TT says nothing about my carryover anywhere during the preparation process. And since I can’t actually drill down into the form, I can’t see what’s going on. 

if the person who says that the amount can be entered manually can prove that, I’d sure like to see it. Five tech support people couldn’t figure it out. 

[bloomingagain]

They need a complete makeover from top to bottom. The software sucks and the support sucks. I’m heading over to H&R Block. 

[RobertG]

If you transferred last year's TurboTax return over, TurboTax will enter your capital loss carryover for you.

Otherwise, just open your TurboTax return, search for capital loss carryover, and then select the Jump to link in the search results.

We'll take you to the screen where you can enter that info from your prior year return.

Also, you can see your return before you file.  

After you pay your TurboTax fees you will be prompted to view, print or save your return before you file.

@bloomingagain

[bloomingagain]

Yes, you can see them AFTER YOU PAY. How do I know TT has brought the carryover in?  The online version says nothing about the carryover anywhere during the preparation process.  Nothing at all. Anywhere.  There is nowhere on the Schedule D section to enter previous year’s info. It asks for the sale date and won’t accept a date before 1/1/19. 

[barjatya]

Hello,

This issue is over 40 days old and I am still getting the same problem as others reported above.

I have been using TurboTax online for 9 years! 

Last year I had $8055 of Capital loss. I could only deduct $3000. Thus I should get $5055 as Capital Loss Carryover. The website does say I should have $5055 and says:

"2019 Capital Loss Carryover

We hope this $5,055.00 tax breaks gives you a boost."

But then shows $0 in the 2019 column.

It seems to be the same problem as all the others above.

Any thoughts? Do I also have to go to H&R Block? I would love to continue with TurboTax as I have used them for 9 years!

Thanks for any help...

[ebgbard]

Download the program. That works just fine

[barjatya]

But downloading the software is not an elegant solution.

I have used the online software for 9 years with no issue. I love the auto import function from last year. I also love how it is able to directly connect to my bank and broker websites and get all correct tax documents from them.

Will the downloaded software be able to do all that?

It bewilders me that desktop software works just fine, but online software cannot do that correctly!

[VolvoGirl]

On the income page The 2019 column shows the carryover to 2020 (not your current loss for 2019).  The 2018 column shows the carryover to 2019 not the loss for 2018.

And Schedule D doesn't actually show the carryover amount to next year. To find your Capital Loss Carryover amount you need to look at your return schedule D page 2.  Line 16 will be your total loss and line 21 should be a max loss of 3,000.  The difference between line 16 and 21 is the carryover loss for next year.

There is also a Carryover Worksheet. There is a Capital Loss Carryover Worksheet showing the carryover from the prior year and the current amounts.  Then there is also the Capital Loss Carry Forward worksheet showing the amount transferring over to next year.

In the Online version you have to save your return with all the worksheet as a pdf file to your computer to see the Capital Loss Carry Over and Carry Forward worksheets.

In the Desktop program you can go to Forms and find it in the list in the left column.

[ebgbard]

Yes

[ebgbard]

The downloaded software does everything.