topic Incorrect software data for capital loss carryover? in Get your taxes done using TurboTax

Incorrect software data for capital loss carryover?

rcialone — Thu, 19 Dec 2024 17:56:08 GMT

I had a capital loss carryover in the amount of $2,000 from 2023. After starting my 2024 (Premier) TurboTax program, when it came to the carryover section, the program indicated that the carryover for 2024 is zero, and the $2,000 would be applied to 2025.

Why would it do that? I want the carryover applied to my 2024 return.

Re: Incorrect software data for capital loss carryover?

Opus 17 — Thu, 19 Dec 2024 18:25:58 GMT

Have you added your wages? Some of the calculations don't work until you have added wages, other income, etc. so that you have a tax liability.

Alternately, that function is not currently working, and will be fixed in a later update. The program is usually not approved to file a return until January 7 or so and requires at least one update.

Re: Incorrect software data for capital loss carryover?

VolvoGirl — Thu, 19 Dec 2024 19:04:41 GMT

Yes it is too early to calculate the carryover right. You need to enter all your income because you need taxable income to use the carryover loss. If you have a negative AGI or negative taxable income it will show up on the 1040 BUT it won't use the carryover and carry over the whole amount to the next year.

Re: Incorrect software data for capital loss carryover?

rcialone — Fri, 20 Dec 2024 13:16:14 GMT

Thank you. You're right. I wasn't able to enter any income using the Easy Step method. After realizing that, I entered some of my income numbers manually and then I saw the carryover deduction entered on line 7 of the 1040.

Re: Incorrect software data for capital loss carryover?

rcialone — Fri, 20 Dec 2024 13:17:50 GMT

Thank you. Yes, I see that now. I did end up entering some of my income manually and then noticed the deduction showed up on the 1040.