Does Turbotax automatically take care of Capital Loss Carryover?

[salilsurendran]

I lost about $20k in stocks in 2020. Only $3k was eligible for deduction in 2021. I used Turbotax in order to file my taxes for the past decade, so I assumed that it automatically had my history and took care of my capital loss carryover.

[VolvoGirl]

Yes if you have been transferring from each year.  

The current year carryover loss from the prior year is on schedule D line 6 & 14.

On the income page The 2023 column shows the carryover to 2024 (not your current loss for 2023).  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.

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.

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.

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.

[salilsurendran]

yeah in my current saved pdf of returns I don't see any place where the carry over losses are included. Is there someplace that I have to enter this. Since I have been filing using turbotax for over a decade Doesn't turbotax automatically detect that in my prior history I had losses and put that automatically in this years taxes?

[DoninGA]

@salilsurendran 

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

[salilsurendran]

The capital carryover is on the schedule D of the return but I don't have a schedule D at all because I didn't sell any stocks last year. Is this expected in Turbotax?

[fanfare]

you must attach a completed Schedule D to preserve your carry-forward for future years.

@salilsurendran