topic Using TT Business for Trust return. 2019 return has capital loss carryover. Where to enter in TT Business 2020? in Get your taxes done using TurboTax

Using TT Business for Trust return. 2019 return has capital loss carryover. Where to enter in TT Business 2020?

dan0460 — Sun, 21 Mar 2021 16:53:58 GMT

I am doing the 2020 return for a trust using TurboTax Business. Last year (2019) the return was complicated due to real estate transactions, and we hired an accountant to do the return. Bottom line was a capital loss on the real estate sale that was not distributed on K-1s. The accountant said this amount would continue to carried over and not distributed until the trust is closed. How do I enter this capital loss amount in TurboTax Business 2020? TurboTax online help is not helpful, so any help will be appreciated.

Thanks!

Dan

Re: Using TT Business for Trust return. 2019 return has capital loss carryover. Where to enter in TT Business 2020?

Anonymous_ — Sun, 21 Mar 2021 17:45:16 GMT

Click the Federal Taxes tab, click Income, and then click the Start button to the right of Capital Loss Carryover.

Re: Using TT Business for Trust return. 2019 return has capital loss carryover. Where to enter in TT Business 2020?

dan0460 — Mon, 22 Mar 2021 19:11:16 GMT

Perfect! So very simple - amazing that automated TurboTax Support couldn't even get me close.

Thank you so much!

Dan

Re: Using TT Business for Trust return. 2019 return has capital loss carryover. Where to enter in TT Business 2020?

numberforecast — Mon, 07 Mar 2022 20:15:01 GMT

This does not work.
There is no such button.

Turbotax Business 2021 (downloadable for PC) does not have a Capital Loss Carryover button under Federal Taxes > Income.

Re: Using TT Business for Trust return. 2019 return has capital loss carryover. Where to enter in TT Business 2020?

Anonymous_ — Mon, 07 Mar 2022 20:22:25 GMT

@numberforecast wrote:

This does not work.
There is no such button.

Turbotax Business 2021 (downloadable for PC) does not have a Capital Loss Carryover button under Federal Taxes > Income.

Please read the original post in this thread; it concerns preparing a return for a trust.

If you are preparing another type of return, you probably will not see that button and this thread is not relevant for preparing your return.

Re: Using TT Business for Trust return. 2019 return has capital loss carryover. Where to enter in TT Business 2020?

numberforecast — Mon, 07 Mar 2022 20:25:24 GMT

Thank you so much tagteam!

Yes - I see the button. Your screenshot was very helpful!!
Now, how do I make the button appear?
I'm preparing a tax return for a business.
Cheers in advance.

Re: Using TT Business for Trust return. 2019 return has capital loss carryover. Where to enter in TT Business 2020?

Anonymous_ — Mon, 07 Mar 2022 20:28:29 GMT

Which type of business and what product are you using?

Re: Using TT Business for Trust return. 2019 return has capital loss carryover. Where to enter in TT Business 2020?

numberforecast — Mon, 07 Mar 2022 20:30:41 GMT

We're using Turbotax Business on a PC, for an S Corporation.

This is the 1st year we're using it, so there's no carryover from last year.

Re: Using TT Business for Trust return. 2019 return has capital loss carryover. Where to enter in TT Business 2020?

Anonymous_ — Mon, 07 Mar 2022 20:58:37 GMT

Entities such as S corporations and partnerships pass capital gains (losses) through to their shareholders/partners.