Capital Loss carryover - Turbo Tax Desktop

[deepakkalra]

Hi,

I wanted to ask if the Turbo Tax Desktop keeps track of capital loss carryover. I use online version but wanted to transition to the desktop version.  It says the online version keeps track as long as you file using TurboTax every year.   If I transition to desktop and transfer my previous year's return does it work the same.

thanks.

[rjs]

Yes, it works the same. You can transfer your 2022 information from TurboTax Online when you start your 2023 tax return in desktop TurboTax, and desktop TurboTax will continue to keep track of your capital loss carryover from year to year as long as you use TurboTax every year.

[DoninGA]

Yes, it is the same with the TurboTax desktop editions.  You will need to download the 2022 tax data file from the online account so it will transfer to the 2023 return when using the 2023 desktop editions.

To access your prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/

Start the 2023 online tax return by entering some personal information then click on Tax Home on the left side of the screen.

On the Tax Home webpage -

Scroll down to the section Your tax returns & documents.  Click on the Year 2022 and Click on Download .tax file

[Abbybeth]

will capital losses carry over from desktop 2020 to downloaded turbo online for 2023

[DoninGA]

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@Abbybeth wrote:

will capital losses carry over from desktop 2020 to downloaded turbo online for 2023

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No.   Only the prior tax year, 2022, can be transferred to the 2023 tax return.

Unless the 2020 return was transferred to the 2021 return and then the 2021 return was transferred to the 2022 return, the carryover would transfer to 2023, if there was any amount still available.

[rjs]

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@Abbybeth wrote:

will capital losses carry over from desktop 2020 to downloaded turbo online for 2023

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I don't understand what you mean by "from desktop 2020 to downloaded turbo online for 2023." The desktop TurboTax software and the downloaded TurboTax software are the same thing. It's software that you install and run on your own computer. TurboTax Online is the internet version of TurboTax that you use through your web browser. You do not download anything if you use TurboTax Online. The desktop/downloaded TurboTax software and TurboTax Online are completely separate from each other. There is no downloaded TurboTax Online.

If you used TurboTax (desktop or online) every year, and always transferred your information from one year to the next, then the capital loss carryover from 2022 to 2023 includes any remaining loss that was carried over from earlier years. A loss in a particular year is not carried over separately. A cumulative total is carried over from year to year.