I'm a first-time user of TurboTax and am using the Deluxe Desktop Edition. I'm trying to apply a capital gains/loss carryover. This was straightforward on my federal return, but I can't find where to enter it on my state return (Iowa). I see an area that deals with capital gain/loss for farm and business, but my circumstance is a carryover from a personal estate beneficiary distribution.
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You don't need to enter your Capital Loss Carryover into your Iowa return.
If you entered it in your Federal return, that already reduced your Capital Gains total that would flow to your state return.
Are you filing as an Iowa Resident? Unless you were a part-year resident, there is no adjustment from the Federal capital gains amount transferred over.
Here's more info from Iowa Dept. of Revenue.
Yes - I'm an Iowa resident. I noticed that last year it showed on a separate "capital gains (loss)" line-item. Perhaps it now doesn't appear simply because of a tax form change?
Thanks!
I have spent over 16 hours trying to get Resolution Desk to help me. I have an email of nothing pertaining to how to get my Schedule D to reflect prior year carryover. I do not know what else to do except hope they find a fix?? ok, already almost April... nobody seems to want to help. I have been a TurboTax customer for over 15 years.
For a capital loss carryover -
Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Capital Loss Carryover, click the start or update button
This response is inaccurate. The form will not permit you to add prior year carryover.
It actually permitted me to jump into, but the information I entered did not feed into my return. It still says $0 for carryover.
Ok, I redid it again, and this time it carried over. So, in search type Capital loss carryover.
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