My 2023 Turbotax tax form did not have a Schedule D or worksheet as no gain/loss reported, so the carryover from the 2022 tax form was not entered, and therefore the software registered $0.00 in loss carryover for the 2024 tax calculations. We received a sizable capital gain in 2024 that would be easily offset by the Loss Carryover, and the final tax owed was well in excess of the correct amount due to software failing to incorporate offseting losses toward reported gains.
We tried to enter the Capital Loss Carryover from the 2022 return, but the software refused to accept correction, and kept listing $0.00 on form, resulting ultimately in way more taxes owed than if done with correct Loss Carryover figure.
Need to fix this!
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Fixed it myself, no help from TT: Simply have the software at startup not "find" your previous TT tax returns, but essentially start from scratch. Yes, it takes longer, but one is absolutely assured of incorporating manually all the Cap. Loss Carryover info into current return that is necessary for an accurate return.
Having done that, one is assured that all correct Schedule D carryover numbers WILL appear when filling out next year's taxes using Turbotax 2025.
Fixed it myself, no help from TT: Simply have the software at startup not "find" your previous TT tax returns, but essentially start from scratch. Yes, it takes longer, but one is absolutely assured of incorporating manually all the Cap. Loss Carryover info into current return that is necessary for an accurate return.
Having done that, one is assured that all correct Schedule D carryover numbers WILL appear when filling out next year's taxes using Turbotax 2025.
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