Where to find California capital loss carryover from a prior year

[RobinsonCA]

Why is it Line 8 (short-term) and not Line 13 (long-term) for California capital loss carryforward? 

[Mdevin16]

Hi Mary,

So on Calif. 540 Schedule D from 2019, which is the proper line for Capital Loss Carryover? to add to TT2020

Line 6 ( Califorinia Capital Loss carryover from 2018?) =Blank

Line 7 - Total Loss = $416

Which line from schedule D 540

Thanks

Mark

[PleaseAddBulkEditStockTrades]

Full Stop Congrats we have a winner. Wish this answer wasn't buried so deep!

[mjfischerca]

Brilliant answer!

[AmyC]

The CA sch D line 6 has the carryover from the prior year. The CA Capital Loss Carryover Worksheet line 8 records the carryover to be used the next year.

This means, if you look at CA sch D line 6 for 2021, it is showing the amount for TY 2020. You can look at your 2020 forms and can find this number on the CA Capital Loss Carryover Worksheet, line 8. Which line 8 depends on residency.

Your TY 2021 Capital Loss Carryover Worksheet shows what will be carried forward.

@JL90630

@RobinsonCA

@Mdevin16Ca 

[zpz10101]

this is a completely WRONG answer from a tax expert 

The real answer is located in the form "CALIFORNIA CAPITAL LOSS CARRYOVER WORKSHEET- Part I, Line 8" as other members have previously stated, but the way this forum displays makes absolutely no sense. 

[samirarora]

Really pathetic that the turbo tax so called experts dont have a clue what they are talking about and even worse is that they are giving wrong answers and messing up people's returns. 

Line 6 is what was carried forward from 2019 return looking at 2020 return. 2020 return itself might have a profit/loss which after reconciling with number from 2019 carryforward maybe a positive number (for which you pay tax) or a negative number so that when you go to 2021, the negative number from 2019 added to negative number from 2020 will be the california capital loss carryover.

It is surprising and rather disappointing that turbotax 2021 again does not provide a line number where this entry is needed which it should just like it does for line numbers on a federal return.

Turbotax needs to give a definitive reply to this query.

[ExcessTurbo]

1. CLICK ON STATE TAXES.

2. START YOUR CALIFORNIA RETURN.

3. DON'T DO ANYTHING THERE, JUST GO BACK TO FEDERAL.

4. DONE.

All caps.

[samirarora]

Thank you for taking the time to try and help me. I read this suggestion from an earlier post and tried it but it did not work. 

One thing I did determine is that the tax experts suggestions are WRONG!  Do Not Use Line 6!!!

First of all, read this....

• If you don’t have capital gains to offset the capital loss, you can use a capital loss as an offset to ordinary income, up to $3,000 per year.

So upto $3000 of your losses get consumed within the same year return even if there are not enough capital gains.  Only losses that are over and beyond $3000 get carried over to the next year. 

While I was not able to determine my california carry forward losses,  I was able to determine that in 2020 my losses were 1100 dollars approx. Which meant that my California carry forward lots was = ZERO as only losses over and above 3000 get carried forward. 

All those people who did their taxes based upon line 6 etc may have to amend their returns, which is rather unfortunate.

[Shirley24]

I am working on 2021 taxes, and I am confused about which line on my 2020 CA Capital Gain or loss Adjustment schedule D (540). should be plugged into the TurboTax screen that says:

Now look at your California form 540, schedule D and enter your capital loss carryover, if any, as a positive amount

California Capital Loss Carryover (What do I put in this Box?)

Schedule D (540) Line 6 says capital loss carryover from 2019 & is blank. 

Line 7 says Total 2020 loss $4,411.

Which line do I use???

[MarilynG1]

Look at your California Capital Loss Carryover Worksheet from 2020.

Line 8 shows the carryover loss for 2021.

[pian0s]

First off, I have no such form, California Capital Loss Carryover Worksheet .  The closest I have is "California Carryover Worksheet" Which doesn't look anything like yours. hmmm

Second off,  AmyC on 03/15/20 at 3:26pm did not answer Christing123 question on 02/15/21 "is the Ca carryover is the same as the Fed carryover".

I have used tt for a number of years and it has never transferred over my CA loss.

Since I do not have your form, where do I input my carryover loss, and how do I figure it?

[kljv]

I can't seem to find this form in TurboTax Professional 2021 so that I have my amount for 2022.

[bruceacarr]

The California Capital Loss Carryover Worksheet can be opened by viewing forms and clicking on Open Form. Scroll down to Schedule D: California Capital Gain or Loss Adjustment. Expand that line by clicking on the + to the left of the line and the worksheet will be available.

The worksheet does not work for me without overriding each line, but that may be because I have no California Capital Loss Carryover. This was not apparent until I went through the calculations. 

These same instructions are available at https://www.ftb.ca.gov/forms/2020/2020-540-d-instructions.html

California Capital Loss Carryover Worksheet

1. Loss from Schedule D (540), line 11, stated as a positive number.
2. Amount from Form 540, line 17.
3. Amount from Form 540, line 18.
4. Subtract line 3 from line 2. If less than zero, enter as a negative amount.
5. Combine line 1 and line 4. If less than zero, enter -0-
6. Loss from Schedule D (540), line 8.
7. Enter the smaller of line 1 or line 5.
8. Subtract line 7 from line 6. This is your capital loss carryover to 2021.

[Venzyle]

I have started TT 2022 and this is STILL and issue - your solution works perfectly. I am disgusted that TT STILL hasn't corrected this issue.