How to calculate Capital loss carryover for State (California) form 540?
- Loss from Schedule D (540), line 11, stated as a positive number. (-1 on my form) if I convert this to a positive number it is 1.
- Amount from Form 540, line 17. (130,000)
- Amount from Form 540, line 18. (5000)
- Subtract line 3 from line 2. If less than zero, enter as a negative amount. (125000)
- Combine line 1 and line 4. If less than zero, enter -0-. (125001)
- Loss from Schedule D (540), line 8. -1
- Enter the smaller of line 1 or line 5. 1
- Subtract line 7 from line 6. This is your capital loss carryover to 2023. (-1-1= ) -2
Is my capital loss carryover -2?