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2018-2019 Capital Loss Carryover

I entered my capital loss carryover and Turbo Tax stated that "Good news your capital loss was used to reduce your income". However, under investment income, the capital loss carryover shows $0??? Shouldn't the capital loss carryover show up somewhere on the return??

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Level 15

2018-2019 Capital Loss Carryover


@magnus121 wrote:

...under investment income, the capital loss carryover shows $0??? Shouldn't the capital loss carryover show up somewhere on the return??


If the Capital Loss Carryover shows zero in the 2019 column, that indicates that the entire carryover has been used to offset your income (i.e., there is nothing left to carryover to the 2020 tax year).

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Level 15

2018-2019 Capital Loss Carryover

2019 Capital Gains and Losses on Schedule D go directly to 1040 line 6 and not schedule 1.

 

On the income page The 2019 column shows the carryover to 2020 (not your current loss for 2019).  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.

 

And 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.

 

There is also 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.

 

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Level 15

2018-2019 Capital Loss Carryover


@magnus121 wrote:

...under investment income, the capital loss carryover shows $0??? Shouldn't the capital loss carryover show up somewhere on the return??


If the Capital Loss Carryover shows zero in the 2019 column, that indicates that the entire carryover has been used to offset your income (i.e., there is nothing left to carryover to the 2020 tax year).

View solution in original post

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