Solved: Why didn't TurboTax import my Capital Loss Carryo...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 2

Why didn't TurboTax import my Capital Loss Carryover?

Hi.

 

I have searched the community discussions, but cannot seem to find the exact help I  need.

 

I am currently using the TurboTax Premier, on-line version.  TT imported my last return's (2018) information, where I did have realized capital gains, and dutifully received $3,000 of my $20,000 Capital Loss Carryover against my gains.  Because I had no stock transactions (and therefore no capital gains) in 2019, there is no capital loss carryover indicated on my 2019 Schedule D, Line 14.  I would like to use $3,000 of my remaining $17,000 loss carryover against my Ordinary Income, but my only income in 2019 was from Social Security or my IRA (I am retired).  Other questions/answers within this community indicate that this is entirely possible, but I will ask here:

 

Can I use my Capital Loss Carryover, or have I now lost it because I did not make any stock transactions in 2019?

 

If I can  use it, where will it show on TurboTax's forms, and how do I enter it in the program if it has not been entered by the importation process?  It has NOT shown up on my Schedule D, as it did for 2018, when it successfully transferred from my 2017 taxes.

 

Thank you for any help you can provide....................... Frank

1 Best answer

Accepted Solutions
Employee Tax Expert

Why didn't TurboTax import my Capital Loss Carryover?

No, you did not lose it. Since you had no taxable income for 2019, there was nothing to apply the loss toward. If your only income is Social Security and will continue to be only Social Security, then you will not have occasion to use it.

 

If it did not carry forward, then you can manually enter it.

Open your TurboTax return, search for capital loss carryover, and then select the "Jump to" link in the search results.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

10 Replies
Employee Tax Expert

Why didn't TurboTax import my Capital Loss Carryover?

No, you did not lose it. Since you had no taxable income for 2019, there was nothing to apply the loss toward. If your only income is Social Security and will continue to be only Social Security, then you will not have occasion to use it.

 

If it did not carry forward, then you can manually enter it.

Open your TurboTax return, search for capital loss carryover, and then select the "Jump to" link in the search results.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Level 2

Why didn't TurboTax import my Capital Loss Carryover?

Thank-you Coleen.  I appreciate your help.

 

Just one clarification, please.  I also drew money from my IRA in 2019, and it is definitely taxed.  Does that count as 'income', and can't my loss carryover be applied to that?  Several questions and answers within this community indicate that it can, but I have trouble understanding all of this.  Shouldn't the importation process have recognized this, and therefore populated the correct line in Schedule D?  Or am I wrong in my understanding?

 

If I have to manually enter the carryover via the 'jump to" link, I am asked a host of questions regarding share value, and this information is lost to me as the loss occurred many years ago, and TurboTax has always imported the the previous carryover (minus $3,000, of course).

 

Again, thanks.................. Frank

Employee Tax Expert

Why didn't TurboTax import my Capital Loss Carryover?

I think I remember a different, more easy entry. This is just a safeguard to make sure you don't put the incorrect amount. Not everyone is tax savvy.

 

Since you know what the number is that need to be entered, manipulate the program to give you that number.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Level 2

Why didn't TurboTax import my Capital Loss Carryover?

Okay, I did what you suggest.  I hope that TurboTax and the government is happy with what I've done.

 

I'd still feel better if TurboTax had simple carried the loss forward, as it has for many previous years.  Don't understand why it didn't.

 

Thanks again for your help.  I appreciate it.......................... Frank

Returning Member

Why didn't TurboTax import my Capital Loss Carryover?

i have exactly same problem with TT & $3k carryover loss in 2018 return......if you receive an answer, please email - [email address removed]

Employee Tax Expert

Why didn't TurboTax import my Capital Loss Carryover?

You will see an option to enter your capital loss carryover from the previous year in the "Investment Income" section of TurboTax as follows:

 

 

The routine in TurboTax will tell you where to look on your 2018 tax return to get the numbers you need to make sure you enter the correct capital loss carryover amount.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
New Member

Why didn't TurboTax import my Capital Loss Carryover?

I NEED TO IMPORT

Employee Tax Expert

Why didn't TurboTax import my Capital Loss Carryover?

if you can't import, you may need to manually enter the Capital Loss Carryover if you know the amount.

  1. Go to federal>wages and income >see all income
  2. Investment Income>capital loss Carryover

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
New Member

Why didn't TurboTax import my Capital Loss Carryover?

The message incorrectly states that there was no carryover from 2019 to 2020. There was. I did not carry over to this year and I am not sure what to enter where.

 

Employee Tax Expert

Why didn't TurboTax import my Capital Loss Carryover?

To enter your capital loss carryover from 2019, please follow these steps:

  1. On the Wages & Income screen, scroll to the Investment Income section.
  2. Click the Start/Update box next to Capital Loss Carryover.
  3. On the screen, Did you have investment losses you couldn't claim in 2019? click the Yes box. 
  4. Continue through the screens, entering the requested information.

@Mprovince45

Dynamic Ads
v
Privacy Settings