What shall I do since I missed the carryover loss for 2022 tax file? I dont have tax form for 2023 broker account since I did not trade anything. How to carry over loss?

[VolvoGirl]

Do you need to amend your 2022 return to add it?   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.

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 enter the full amount that carried over, not just the 3,000

[rjs]

Are you saying that you had a capital loss on your 2021 tax return, and you did not carry it over to 2022? You cannot assume that your capital loss carryover would be reduced by $3,000 in 2022. It might be more than $3,000 or less than that. You have to amend your 2022 tax return to include the carryover from 2021 in order to correctly calculate the carryover from 2022 to 2023. You do not have to wait for your 2022 amended return to be processed before you file your 2023 tax return, but you have to at least recalculate the 2022 tax return to make sure you get the correct carryover amount for 2023.

When you enter the capital loss carryover in your 2023 tax return, TurboTax will ask you if you know the carryover amounts. DO NOT select "Yes, I know my capital loss carryover amounts." Select "No, I need help figuring out my capital loss carryover amounts." It will then ask for certain information from your 2022 tax return. Enter the information from your recalculated or amended 2022 tax return, not from the original 2022 tax return that omits the capital loss carryover.

[fanfare]

Even if you did not trade, you still get a max ( $3,000 ) deduction on schedule D.

The carryforward numbers come from your prior years worksheets.

You must keep filing until it is used up.

@ff661 

[ff661]

Thank you So Much for the Answer. I looked at the long term and short term loss in 2021 but it didn't carryover loss separately.  It pulled over the Total Loss from 2020 tax file then added the long and short term loss to display the Total Loss Carryover for 2021 tax file. 

For 2022 tax file, the CPA forgot to carryover the loss.  But it shows long term and short term loss and gain.  

• He did amend 1040 Form but it didn't do carryover loss. 
• When I file my tax online, it always wants me to put both short and long term loss, I just estimated the short term and long term with total Loss Carryover number then Continuted otherwise I cannot go on.... then I can deduct $3000 .  I calculated the carryover loss this way :  2021 total carryover loss number + xxx number of loss in 2022 for 2023 carryover loss. 
• I don't have Tax Form from my broker account since No any trade at all but my broker charged the interest fee since I borrowed the money for Margin security . I didn't buy anything in my broke account. 
• Since no Tax form, I just use the total loss  number of 2021 - a little gain of 2022 = Total Carryover Loss of 2023.  Deadline is coming. I called a few tax websites many times but Never got any Real person to talk about my unclear things of filing my tax.  So Frustrated... I may just file tax First and then amend it later if any mistakes or something missing . Is it OK ? Please 🙏 Respond me Sooner . Thank you! 

[rjs]

@ff661 

Was your 2022 tax return prepared by a CPA? You didn't say that before. I don't completely understand what you are saying about what the CPA did, but if the CPA made any mistakes, he should correct his mistakes at no charge. If he amended your return but still did not include the capital loss carryover, he should amend it again. You need a correct 2022 tax return in order to get the correct capital loss carryover in your 2023 tax return.

TurboTax cannot transfer information from a tax return that a CPA prepared with professional tax software. If you are doing your 2023 tax return yourself with TurboTax you have to enter everything manually.

Short-term and long-term capital loss carryovers have to be entered separately, and TurboTax keeps them separate. If you are seeing a combined total you may be looking at a summary screen in TurboTax. Ignore that.

Do not enter the capital loss carryover amounts in TurboTax. Let TurboTax calculate them using the information from your corrected 2022 tax return. See the second paragraph of my earlier post above for instructions to enter the capital loss carryovers.

You should not file a 2023 tax return that you know might not be right. Wait until you have the correct information from 2022 so you can file 2023 right the first time.

You said "Please Respond me Sooner," but you waited 5 days to come back and respond to the earlier replies. If you're in a hurry you should respond sooner yourself.

[ff661]

@rjs

Thank you very much for all the answers. I am sorry to respond late for some reasons. 

Here is my message for rjs : 

Dear rjs, 

Thank you very much for your time and answer. Sorry I didn't finish my tax file on TurboTax.  On the last few days something bad happened... and I didn't work on my tax file. Sorry to respond late... I don't know the accurate number for long and short term carryover Loss of 2022....the numbers I put there on TurboTax is not accurate. That is why I hesitated to close file...;( 

 Since No time for that before deadline. A friend helped me to get it done in a hurry but it still Need Amended later....I read all answers and they are Good but I could not go on finishing my tax file if no accurate spereate number of long and short term carryover Loss. I contacted my 2 previous CPA in the past over one month but they never responded. I don't have electronic file but some papers... based on the answers,  I couldn't finish my tax file on TurboTax.  Sorry for that. THANK YOU SO MUCH ! THANK All the tax professionals here for the Answers. Appreciate it. 

[fanfare]

your Record of Account tramscript at IRS.gov will show your net loss amount(s)  on your 2022 tax return which can be used to arrive at your carry-forward amounts for 2023 tax return (ii.e. adjusted for $3.000)

consult and fill out the 2022 carry forward worksheet to get the correct amounts.

@ff661