topic Why is my $3,000 Capital Loss used in 2019 not showing an amount in the capital loss carryover amounts? in Investors & landlords

Why is my $3,000 Capital Loss used in 2019 not showing an amount in the capital loss carryover amounts?

timwoodstock — Fri, 03 Jul 2020 18:42:12 GMT

under wages & Income, they (turbotax) want to charge $90.00 to include a schedule D to document capital loss carryover amounts.....wow....seems ridiculous and it doesn't work

Re: Why is my $3,000 Capital Loss used in 2019 not showing an amount in the capital loss carryover amounts?

Carl — Fri, 03 Jul 2020 19:04:57 GMT

Capital loss for what specifically? What specific capital loss are you talking about?

Carry over from 2019? (maybe it all got used up on the 2018 return?)

Carry over to 2020? (maybe it all got used up on the 2019 return?)

Re: Why is my $3,000 Capital Loss used in 2019 not showing an amount in the capital loss carryover amounts?

VolvoGirl — Fri, 03 Jul 2020 19:06:19 GMT

FYI.....The 2019 column shows the carryover to 2020 not your current loss for 2019. The 2018 Column shows the carryover to 2019.

2019 Capital Gains and Losses on Schedule D go directly to 1040 line 6. And 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. 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 CD/Download program you can go to Forms and find it in the list in the left column.
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.