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Level 1

Question

I filed in'17 as single with LT cap loss caryover of $3000. I was FTgrad stud w/no income and was dep on parents return in 18 and 19. Can I use my cap loss in 20?

Forum|Forum|5 years ago
March 27, 2021
1 reply
7 views

As a dependent during grad school, I did not use my annual cap loss carryover because I had no income. Now that I am filing as single, can I use the carryover this and subsequent years?

TurboTax Free Edition Online

Level 15

You cannot use a capital loss carryover of $3,000 from 2017 on your 2020 tax return. You must apply $3000 loss to each year until the loss is fully used.

When you figure the amount of any capital loss carryover to the next year, you must take the current year's allowable deduction into account, whether or not you claimed it and whether or not you filed a return for the current year.

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Alumni - Champ

You said you had no income in 2018 or 2019. Any scholarships or grants? Teaching assistantship?

Level 15

"I did not use my annual cap loss carryover because I had no income."

Wrong move. If you file correctly, with no income, your capital loss will carry forward.