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Level 1
posted Feb 16, 2024 2:53:33 PM

Carryover loss (capital gains) OK on federal return but missing from MA return?

In TurboTax Home & Business 2023, I have a federal carryover loss on capital gains of $25K, shown on Schedule D. On my Massachusetts schedule D, however, TurboTax left line 8 blank ("Carryover losses from prior years"). Should this line have a value based on my federal return?

 

I read the answer to this similar question which says, "If your loss has been subtracted from your federal income, and that amount has been transferred to your MA return, then it worked right." So, as a test, I overrode my federal capital gain carryover and set it to $0. As expected, my federal tax went up. But the Massachusetts tax stayed exactly the same! This feels wrong to me. Any insights appreciated!

 

Thanks very much.

0 2 2047
1 Best answer
Level 1
Feb 22, 2024 8:26:38 AM

Answering my own question:

 

TurboTax Home & Business 2023 does not automatically carry over capital losses from the previous year's Massachusetts return (schedules B and D). I had to enter them myself as follows:

 

  • Copy from 2022 MA schedule B, line 23 ("Short-term losses available for carryover in 2023"), to 2023 MA schedule B, line 18 ("Prior short-term unused losses for years beginning after 1981").
  • Copy from 2022 MA schedule D, line 23 ("Massachusetts available losses for carryover"), to 2023 MA schedule D, line 8 ("Carryover losses from prior years").

This is arguably a bug in TurboTax Home & Business 2023. I hope this info helps others.

2 Replies
Level 1
Feb 22, 2024 8:26:38 AM

Answering my own question:

 

TurboTax Home & Business 2023 does not automatically carry over capital losses from the previous year's Massachusetts return (schedules B and D). I had to enter them myself as follows:

 

  • Copy from 2022 MA schedule B, line 23 ("Short-term losses available for carryover in 2023"), to 2023 MA schedule B, line 18 ("Prior short-term unused losses for years beginning after 1981").
  • Copy from 2022 MA schedule D, line 23 ("Massachusetts available losses for carryover"), to 2023 MA schedule D, line 8 ("Carryover losses from prior years").

This is arguably a bug in TurboTax Home & Business 2023. I hope this info helps others.

Level 1
Mar 19, 2024 5:38:55 PM

I agree --- last year TurboTax did this correctly (imported it from previous year), and this year it is not.  I know of multiple people seeing this and it's disappointing that Intuit has not addressed it.