topic Do i have to use my carried over 2017 loses in 2018 since my income is so low or can i save them to right off in another year? in Get your taxes done using TurboTax

Do i have to use my carried over 2017 loses in 2018 since my income is so low or can i save them to right off in another year?

curly1dp — Mon, 03 Jun 2019 17:40:58 GMT

You have to report the carryover every year until it's us...

VolvoGirl — Mon, 03 Jun 2019 17:40:59 GMT

You have to report the carryover every year until it's used up. You can't skip a year. Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year. You can't choose when to use it.

But 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.

Thanks, I will look for that again, it looked reduced eve...

curly1dp — Mon, 03 Jun 2019 17:41:00 GMT

Thanks, I will look for that again, it looked reduced even though it appears deductions out way income?

On the income page The 2018 column shows the carryover to...

VolvoGirl — Mon, 03 Jun 2019 17:41:03 GMT

On the income page The 2018 column shows the carryover to 2019 (not your current loss for 2018). 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.

Thanks again, you are definitely in your element and beyo...

curly1dp — Mon, 03 Jun 2019 17:41:04 GMT

Thanks again, you are definitely in your element and beyond mine . I will look at that pdf.