Why does my capital loss allowable loss have it as -2406, but when i click continue it goes to 0.

[VolvoGirl · Accepted solution]

Exactly where is it 0?    On the income page The 2023 column shows the carryover to 2024 (not your current loss for 2023).  Schedule D doesn't actually show the carryover amount. To find your  Capital Loss Carryover amount  you need to look at your  return schedule D page 2.  Line 16 will be your total loss and line 21 should be a max loss of 3,000.  The difference between line 16 and 21 is the carryover loss for next year.

There is also a Carryover Worksheet showing the carryover from the prior year and the current amounts.  Then there is also the Capital Loss Carry Forward worksheet showing the amount transferring over to next year.

In the Online version you have to save your return with all the worksheet as a pdf file to your computer to see the Capital Loss Carry Over and Carry Forward worksheets.

In the Desktop program you can go to Forms and find it in the list in the left column.

If you have a negative AGI or negative taxable income it will show up on 1040  BUT it won't reduce the carryover to the next year.

[justinl3333]

This is what it looks like.

[VolvoGirl]

How much is on your 2022 return 1040 line 7?  It sounds like it used up all your 2022 loss on your 2022 return and there is no carryover.  You can take a max loss of 3,000 (1,500 MFS)per year which is more than your $2,406 loss.