To clarify, are you trying to determine how to report a loss carryover from 2022? Did you file with Turbo Tax in 2022? Are you trying to determine the federal amount, State of California amount, or both?
I did not file with Turbo tax in 2022, but I am trying to figure out how to calculate a CA capital loss carryover for 2022 that can be input for 2023 tax purposes.
You would find it using the 2022 California Schedule D
You compute your carryover to 2023 by calculating the:
1. Loss from Schedule D (540), line 11, stated as a positive number.
2. Amount from Form 540, line 17.
3. Amount from Form 540, line 18.
4. Subtract line 3 from line 2. If less than zero, enter as a negative amount.
5. Combine line 1 and line 4. If less than zero, enter -0-.
6. Loss from Schedule D (540), line 8.
7. Enter the smaller of line 1 or line 5.
8. Subtract line 7 from line 6. This is your capital loss carryover to 2023.
HERE is a link with more detail.
Sorry I am still confused. I followed step 1.
The amount of Loss from Schedule D (540), line 11, stated as a positive number.
My tax form says 305 for line 11. Is that all I need to do to enter my CA loss carryover from 2022 or do I need to do any other calculations after step 1? What is step 4 and 5 calculations for?
To clarify, are you looking at your 2022 return? if so, are there amounts listed in Boxes 5-11 on your 2022 Schedule D? If so what are they? I am standing by for your answer.
If you are looking at your 2022 Schedule D and line 11 is a positive number, you have no carryover loss to report on your 2023 return.
Hope this helps!!
@Solarkairi89