Do wash sales end up in "capital loss carryover" on turbotax?

[paul-j-heckman]

I have a rather large "capital loss carryover" amount showing up in turbotax.  I took about 44K in combined long term/short term losses in '21.  However turbotax is only applying -24K of that to stocks.  Then applying about 21K to "capital loss carryover".  my income, between unemployment and dividends, is more than 44K.   I did have 2 wash sales (i didn't realize at the time) that added up to about 20K in losses.  The math doesn't add up exactly, but does turbotax take wash sales and apply them to the "capital loss carryover" column?   because otherwise i can't figure out where that number would come from.  also, is the "wash sale disallowed" number on tax forms already removed cost/proceed figure on those tax forms?   i assume cost

[Mike9241]

no. wash sales eliminate the reported loss.   the wash sale amount gets added to the replacement security and it's when you sell it that the loss is freed up provided you do not enter into another wash sale for the same security.

[paul-j-heckman]

i just don't understand where my 'carryover' is coming from then.....

how much, if any, of long term capital losses can offset other income amounts (in this case, dividends and unemployment?)

[fanfare]

your loss carry over from last year appears on Schedule D.

Print it out and take a look at it.

[JohnB5677]

If you have your forms available you will see Capital Gain or Loss on line 7 of your 1040 tax return.  This number will include your current gains and losses plus the carryover.

You can see the summary of these Gains & Losses on Schedule D.

The carryover losses are posted to lines 6 & 7 of that form.

If you pay for your copy of TurboTax, you will gain access to all of your forms.  You can wait and file the return when you're ready.

[Critter-3]

ALL gains and ALL losses are netted against each other on the Sch D  and if you have more losses then gains you are only allowed to deduct $3000 of loss against other income on the return and the rest is carried forward.  Review the Sch D and the Sch D worksheet to see how this is being calculated.