I have $8,958 Capital Loss Carryover from last year. The loss are losses in stocks many years carryover. My federal form 1040 Line 6 shows -3000 taken from Schedule D. However, I did see Turbo Tax created my D (540) Lines 9, 10, 11 all shows -3000 and Line 12b is 0.
Does that mean no deduction from past capital loss to my California income? I also don't see any line on 540 has anything on D(540).
FYI: I used Turbo Tax to file my federal but I used CALFILE from ftb.ca.gov to file my State return for free. I also used Turbo tax to run my California Tax return for checking
The capital loss carryover should have carried over from CA Schedule D to Schedule CA (540), Part1, Section A, line 6, column C as part of the Capital gain or loss line item. See below for this section.
The total amounts then flow into your CA Form 540 under the taxable income section on Page 2 as part of your California adjustments.
TT shows the same amount in "Carry Over from Previous Year" (Line 6) on my CA state taxes for 2019 and 2020. Both years I had capital gain. So when I am doing my Federal taxes for 2021, TT is asking me to enter Carry Over amount from CA 540 Schedule D of 2020, which I know is not correct. What should I do?
Thanks.