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Short Term Capital Gains in 2024 Not Offset by Short Term Capital Losses Carried Over from 2023

I have TurboTax Premier 2024 and used TurboTax Premier 2023 last year on the same computer.  My expected long term and short term capital loss carryovers from 2023 appear in my TurboTax Premier 2024 federal tax information as expected and are applied as expected on my 2024 federal taxes to my 2024 long term capital gains and to $3000 of my 2024 earned income.  Afterward, there are remaining short and long term capital losses to carry over to 2025.  However, I also have short term capital gains in 2024, and Turbo Tax Premier did not offset my 2024 short term capital gains using the short term capital losses carried over from 2023.  How can I offset my 2024 short term capital gains?  I would have expected TurboTax to do so automatically as it did for my 2024 long term capital gains.  FYI:  All my capital gains were imported from Vanguard.

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2 Replies
SharonD007
Employee Tax Expert

Short Term Capital Gains in 2024 Not Offset by Short Term Capital Losses Carried Over from 2023

The experience that you described is in the process of being resolved.  Take a look at the following TurboTax help article for an opportunity to register your email address to receive updates.

 

Why is the capital loss carryover screen showing incorrect calculations?

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Short Term Capital Gains in 2024 Not Offset by Short Term Capital Losses Carried Over from 2023

This did not help.  If TurboTax cannot import short-term capital gains from Vanguard and properly apply my short-term capital loss carry-forward as it does for long-term capital gains and long-term capital loss carry-forward, TurboTax should at least tell me how to do it manually.  Time is getting short before 15 April, so I reckon that I shall have to submit my tax forms without applying my short-term capital loss carry-forward, which will mean that I have to pay more federal income taxes than I owe.

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