Where can I manually enter the $3000 maximum capitol gains loss from previous years?

[Mike9241]

that's probably not the right number to enter.  for the following year what you want to enter/use is the unused amount of capital losses from the prior year.  if you used TT last year and are in the same account this year, the unused amount should have transferred when you started 2020.

if for any reason the carryover isn't in 2020 then you need to compute your net short-term capital loss carryover (the capital loss used in 2019 first reduces short-term carryover then long-term carryover) and your net long-term carryover.  you should be asked about these when your going through the Turbotax questions.  if not 

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.

[thenewern]

2017 I had capital gain losses of $43,000. I didn’t claim any of that, so I want to claim 3000 per year, as allowed, but TurboTax imports my Charles Schwab account automatically and does the computation so I don’t manually enter anything. So? 🤨🧐

[VolvoGirl]

Turbo Tax only imports the current year broker/fund info.  You have to manually enter the carryover loss from 2019.  But you need to figure out what it should be.  You should probably amend 2017, 2018 and 2019 to bring forward the loss.  You have to apply it to each year's gains.

You get to first offset the loss against any gains you have each year so that can use more of it up.  Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year.  Turbo Tax does all the calculations for you.  Just enter the prior year carryover amount.

Enter a Capital Loss Carryover under

Federal Taxes or Personal (Home & Business)

Wages and Income

Then scroll down to Investment Income

Capital Loss Carryovers - Click the Start or Update button

You have to report the carryover every year until it's used up.  You can't skip a year.  Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year.  You can't choose when to use it.

This is from the IRS Pub 550 page 66 middle column....

"When you figure the amount of any capital loss carryover to the next year, you must take the current year's allowable deduction into account, whether or not you claimed it and whether or not you filed a return for the current year. "

Here is pub 550…  http://www.irs.gov/pub/irs-pdf/p550.pdf

You might want to amend the last 3 years to include it.