topic If my Adjusted Gross Income is really low can I use my $3000 in Capital Losses in a later year? in Get your taxes done using TurboTax

If my Adjusted Gross Income is really low can I use my $3000 in Capital Losses in a later year?

ShilPaksa — Mon, 23 Feb 2026 10:57:26 GMT

My Adjusted Gross Income (AGI) is so low that my AGI is less than my Standard Deduction, even if I don't claim $3000 in Capital Losses. So my taxable income is zero, even if I don't claim my $3000 Capital loss.

QUESTION: Can I carryover the $3000 in Capital Losses to a later year when the $3000 loss would lower my taxes?

I used Turbotax in the past, but I am presently doing my 2021 taxes by hand. I am interested in getting a version of Turbotax (on CD) for 2021 to help assure me that I am doing my taxes correctly.

QUESTIONS: Is there a version of Turbotax I would need to help me: (1) not claim the $3000 Capital Loss if I don't need it? And (2) help calculate the correct with the Capital Loss Carryover if I don't use any of my Capital Losses in Tax Year 2021?

Thank you,

Re: If my Adjusted Gross Income is really low can I use my $3000 in Capital Losses in a later year?

VolvoGirl — Wed, 11 Jan 2023 01:42:48 GMT

Yes! 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. You can buy any version of the Desktop programs. All the Desktop programs have the same forms. You just get more help and guidance in the higher versions. Be sure to enter your carryover from 2020 and let Turbo Tax figure it out.

There is a Carryover Worksheet. There is a Capital Loss 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 Desktop program you can go to Forms and find it in the list in the left column.

Buy 2021 here,

https://turbotax.intuit.com/personal-taxes/past-years-products/

Re: If my Adjusted Gross Income is really low can I use my $3000 in Capital Losses in a later year?

Critter-3 — Wed, 11 Jan 2023 02:02:50 GMT

Be sure to enter your carryover from 2020 and let Turbo Tax figure it out. This is a must not an option.

Re: If my Adjusted Gross Income is really low can I use my $3000 in Capital Losses in a later year?

ShilPaksa — Wed, 11 Jan 2023 03:21:59 GMT

Thanks for your reply Volvo Girl,

Just to be sure I understand your reply: are you saying I do not have to use $3000 of Capital Gains loss in a year I do not need it? And I can carry the same $3000 loss forward until I need it for reducing my taxes in a future tax year?

Any comments from anybody else will also be welcomed.

Thanks also for your reply Critter.

Thank you,

Re: If my Adjusted Gross Income is really low can I use my $3000 in Capital Losses in a later year?

VolvoGirl — Wed, 11 Jan 2023 03:27:13 GMT

You need to enter the full amount of carryover from 2020 then Turbo Tax will calculate how much will carry over to 2022. It will probably be the full amount including the 3,000 for 2021.

Re: If my Adjusted Gross Income is really low can I use my $3000 in Capital Losses in a later year?

ShilPaksa — Thu, 12 Jan 2023 01:19:29 GMT

OK thank you Volvo Girl.