If I end up using the standard deduction, do I zero out my $3000 carry over investment loss?

[aisa]

If I have a $3,000 carry over from investment loss and use the standard deduction as recommended by Turbo Tax, should I zero out the $3,000 loss, does Turbo Tax do it for me or do I lose that $3,000 loss? 

[NicoleR]

The $3,000 loss will still carry over as it is report on line 13 of a Form 1040 and your Standard deduction is on line 40 they are two completely separate items and have no bearing on each other.

A standard deduction is based on your filing status wheras the investment loss carryover is based on a prior year tax return so, you can tax both.  Now, if you Itemize (Schedule A) then you can only take either itemized deductions or standard deduction, but not both.

There is also an exemption which is on line 42 which can further decrease the income subject to income tax.

[TMF7]

I don't feel the question was answered. If TurboTax recommends standard deduction, what is the benefit to carrying over the $3,000 loss. It doesn't reduce your taxes any and you lose the loss for future years.

[brohrbough]

Can you deduct stock loss with standard deduction???

[DawnC]

Do you have a separate question @janattheshore..     You can take the standard deduction - - - -  and a capital loss deduction in addition to the standard deduction.  @brohrbough

[fanfare]

if your taxable income after standard deduction is zero, you won't lose that carryover.

Check your carryover worksheet for 2020 when finished.