2020 TT did not deduct 3,000 from my 2019 LT Capital Loss carryover.

[davekro1]

2020 TT did not deduct 3,000 from my 2019 LT Capital Loss carryover. How/where can I change the 2020 carried over LT Capital Loss to reduce it by the 3,000 deduction taken for 2019. I am starting new for 2020 with TT. 2019 was done by an enrolled agent.

How can I get the correct amounts to show in my 2020 TT return?

Thank you for any help.

Dave

In Forms Mode, I see that:

the 2020 'Capital Loss Carryover Worksheet' is completely blank.

2020 The Federal Carryover Worksheet

2020 Sched D shows the amounts from the 2019 Sched D, except both line 14 and 15 read -21,113. It seems these lines should read 18,113, correct? My paper 2019 return from the enrolled agent I used to use, shows line 14 as ( 21,113 ).  I know in math (and Excel), both parenthesis and a minus sign are used to indicate a negative number. Are they both used interchangeably on IRS forms to indicate a negative number?

2020 'Capital Loss CarryFORWARD Worksheet'

[xmasbaby0]

Sorry to bear bad news----but you are trying to prepare a 2020 return using software which is no longer supported by TurboTax and that cannot be updated.   Further....any refund shown on that form will not be paid to you----any 2020 refund has been forfeited.  However, if you owe tax due to the IRS, it is owed with late filing penalties and interest.  You should seek local paid tax help for this.

[xmasbaby0]

And.....since it seems you might be several years behind in filing your returns---

Each tax year has to be filed separately using the forms for the specific tax year.  They cannot be combined in any way--do not even put them in the same envelope when you mail them.  Software for past years is available back to 2021.  Any earlier years can only be prepared on paper forms by hand--and those refunds have been forfeited now.

TurboTax has software for 2021 onward.   Software is no longer available from TurboTax for earlier years, nor would it be supported even if you find it on eBay, etc.  Updates are not available.   It is also too late to receive a tax refund for a tax year earlier than 2021---those refunds have been forfeited.   BUT if you owe tax due you still have to pay with penalties and interest.   There might be other software providers that have software for those years, but you will not receive refunds for the returns even if the forms show a refund.

It might be better for you to seek local paid tax help in a situation when you are several years behind in filing your tax returns.  Do you even have all of the documents you will need to enter and show your income—like your W-2’s and any 1099’s?

You cannot change the tax year.   The current online program is for 2024 only.   Only a 2024 return can be prepared online and only a 2024 return can be e-filed.

Online preparation and e-filing for 2021, 2022, and  2023 is permanently closed.

Note:  The desktop software you need to prepare the prior year return must be installed/downloaded to a full PC or Mac.  It cannot be used on a mobile device.

To file a return for a prior tax year

 If you need to prepare a return for 2021, 2022, or 2023  you can purchase and download desktop software to do it, then print, sign,  and mail the return(s)

https://turbotax.intuit.com/personal-taxes/past-years-products/

You may also want to explore purchasing the software from various retailers such as Amazon, Costco, Best Buy, Walmart, Sam’s, etc.

Remember to prepare your state return as well—if you live in a state that has a state income tax.

https://ttlc.intuit.com/community/state-taxes/help/how-do-i-contact-my-state-department-of-revenue/0... 

When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s.  Use a mailing service that will track it, such as certified mail so you will know the IRS/state received the return.

Federal and state returns must be in separate envelopes and they are mailed to different addresses.  Read the mailing instructions that print with your tax return carefully so you mail them to the right addresses.

[davekro]

@xmasbaby0 ,

Thank you for your reply.

I am already aware that the overpayment that I had made for TY 2020 has been forfeited. It is a sunk cost I have accepted as the penalty for my procrastination.

[xmasbaby0]

@davekro Okay--so you are aware.   But you also need to be aware that the 2020 software you are trying to use is not necessarily going to give you accurate results.  No idea where you obtained it or how long ago you obtained it.    It cannot be updated.  TT will not provide any support for 2020.

[VolvoGirl]

@davekro1   There is a way that the 3,000 could still be carried over to the next year like from 2019.

If you have a negative AGI or negative taxable income the loss will show up on 1040 BUT it won't reduce the carryover to the next year.

[davekro]

@xmasbaby0  ,

Thank you for your thorough response. As I describe below, most of what you cover does not fit my situation. I purchased from Amazon and downloaded to my Mac computer on Oct. 118, 2023, TT Desktop H&Bus. '20, '21, '22, '23. All I am trying to learn is how I can revise the TT Main Schedule D Form so that lines 14 & 15 read the correct amount of  -18,113 for 2020, NOT the incorrect amount of  -21,113 that showed on my 2019 Sched. D form. I do not see how it has any relevance that TT no longer supports TT 2020. I assume TT 2020 operates now, just as it was released/ downloaded from Amazon on 10-18-23.

@xmasbaby0  said "...do not even put them in the same envelope when you mail them. Software for past years is available back to 2021."

We're planning to mail each return separately via certified mail for tracking purposes. Along that line, I am even thinking of sending on separate days as I complete all four, hopefully over the next week (or less). All years should be overpaid, with refunds due.

On 10-18-2023, I purchased four separate TurboTax products: 2020, 2021, 2022, & 2023 TurboTax Home & Business Desktop for Mac. I realized my federal 2020 (and now I learn '21, '22, & '23) returns will need to be printed and mailed USPS, and cannot be e-filed. That is fine. I have all the documents for all years.

@xmasbaby0  said: "When you mail a tax return, you need to attach any documents showing tax withheld, such as your W-2’s or any 1099’s."

I will attach W-2 and 1099-NEC. Normally, you do not send 1099-INT or 1095-C, are you saying I should also attach the 1099-INT forms to the returns for past years. Of course, federal and state forms go to different addresses.

[davekro]

@VolvoGirl  ,

I have never had a negative AGI nor negative taxable income. This LT Capital loss has been being carried over for many years. There is no question about whether or not, just how I can correct it to the correct amount in TT. I was hoping one of the experts here could point me to where that  -21,113 amount might have filled in from. maybe I entered it incorrectly in the step-by-step entries, but I cannot find that item in my hit & Miss poking around there. Strange how the different amounts are shown in the different forms shown in my original post.

[xmasbaby0]

You do not even enter a 1095C on a tax return.    You only attach copies of W-2's and 1099's that show tax withheld.   There are over a dozen kinds of 1099's.    You only attach copies of the ones that show some tax withheld.

[VolvoGirl]

@davekro  Enter a Capital Loss Carryover under

Federal Taxes or Personal (Home & Business)

Wages and Income

Then scroll down to Investment Income

Capital Loss Carryovers - Click the Start or Update button

You enter the full amount that carried over, not just the 3,000

@xmasbaby0  was that answer for a different post?

[davekro]

@xmasbaby0  wrote: "...the 2020 software you are trying to use is not necessarily going to give you accurate results."

Wouldn't the TT 2020 software purchased 10-18-23 via an Amazon download be 'accurate' as of all tax code revisions up to (or near) that date? Other than TT having applied IRS updates if issued in 2021 for TY 2020, what could make that release of TT 2020 less accurate than it was in late 2023? Does TT make a habit of issuing a final update to retiring tax year software that purposely shuttles it?

[xmasbaby0]

@VolvoGirl The user asked about attaching W-2's and 1099's to the past year returns---specifically mentioning 1095C and 1099INT, etc.   So just reminding the user to only attach 1099's that show tax withheld.

[davekro]

Ok, the W-2 obviosly shows tax withheld. The 1099-NEC I received from a client has no tax withheld. So should I NOT attach it to my return? Thanks

[xmasbaby0]

We cannot vouch that the 2020 software you purchased in 2023 is completely updated----we do not know what you did or when.   Maybe it is as updated as it can be.  For your sake, hopefully it is.    But it is no longer supported, cannot be updated now, and you will not be able to get state software for 2020.