Capital loss carry over

[woody12]

OK, one the capital loss carryover page you have short term and long term and below, you have California carryovers.  My CPA has been doing my taxes for years and within the last 2 has been adding $3000 per year for a stock loss of $15000.  My understanding is that is still have $9000 to chip away at in $3000 increments.   My question is exactly how and where to put these amounts.  This is a long term capital loss.   Regular tax, AMT, what do I put in these spots.  And what is the California carryover area for? 

I do live in CA for what its worth.     Thanks in advance

[MarilynG1]

You will have to reference your 2018 return for the amounts to enter into TurboTax.   In your Federal return, type 'carryover' in the Search area, then 'Jump to Carryover' and choose Edit.

TurboTax asks for amounts from your 2018 return (screenshot),  but you should be able to carry over $3000 this year (and forward) until your loss is used up, as you stated.

You must be in your California return, as the Federal return does not ask for state amounts.   If you complete the entry in your Federal return, you may not need to enter a 'California Carryover'  amount in your state return. 

If so, you may need to reference your 2018 California return.   In most cases, the Regular Tax and AMT amounts are the same, unless you had Form 6251 in your 2018 return.  

[ronalddatkinson]

How do you know the State is accepting the capital loss carry over from the Fed.  Turbo Tax shows the following for Massachusetts, but when I look at the Forms for the State, I see no indication that the $3000 loss was carried into the State.

thx for help

[DaveF1006]

This actually took me a moment to research this but i have found your answer. if you reported your loss carryover in the federal return, you do not need to enter this in the Massachusetts return. The loss carryover has already been factored into your Massachusetts Adjusted Gross income. Ignore that screen that you are looking at above.

To verify that the capital loss carry over has been applied, look at box 6 of your federal 1040 and see if you see $3000.  if you do, then you know you have reported the correct carry forward amount. Now look at your Adjusted Gross Income on line 8B of the 1040.  See if it matches Box B of Mass form 1. If it does, then you know that the capital loss is reflected in the Mass Adjusted Gross income amount. You will not see this anywhere in your Mass return other than what is reported as Massachusetts Adjusted Gross income.