topic Loss carry forwards in Deductions & credits

Loss carry forwards

jtheathtax — Sat, 01 Feb 2020 18:51:56 GMT

TT carried forward W-2 info from last year, but not my loss carry forwards. How do I get them?

Re: Loss carry forwards

Anonymous_ — Sat, 01 Feb 2020 18:55:20 GMT

@jtheathtax wrote:

TT carried forward W-2 info from last year, but not my loss carry forwards. How do I get them?

Which loss carryforwards did not carry over from last year? If you had a negative AGI as a result of a net operating loss, TurboTax would not carry that forward (NOLs have to be calculated and entered manually).

Your unused capital losses and suspended passive losses should have carried over to your 2019 return.

Re: Loss carry forwards

jtheathtax — Tue, 04 Feb 2020 10:56:18 GMT

My stock market losses have been carried forward automatically by TT as a $3000 deduction on my 1040 for several years as they should have. This year no entries or computations have taken place. Why not? How to correct?

Re: Loss carry forwards

jtheathtax — Tue, 04 Feb 2020 10:57:59 GMT

I agree, but they did not.

Re: Loss carry forwards

ColeenD3 — Tue, 04 Feb 2020 17:39:09 GMT

Open your TurboTax return, search for capital loss carryover, and then click the "Jump to" link in the search results.

We'll take you to the screen where you can enter that info from your prior year return

Re: Loss carry forwards

VolvoGirl — Tue, 04 Feb 2020 17:43:05 GMT

Maybe the carryover Loss was all used up last year. You should check your 2018 return.

There is 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.

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.

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.

Re: Loss carry forwards

VolvoGirl — Tue, 04 Feb 2020 17:45:53 GMT

I should have added that You get to first offset the loss against any gains you have each year so that can use more of it up. Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year.

Did you have a lot of gains in 2018 that used up your carryover loss?