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Is this return impacted by inaccurate TY21-->TY22 conversion? Checked yes

First off, way is this checked yes?  After spending hours reading forums and various other posts, there was a bug in TT on a past return that is causing this and requiring this?  If so, why isn't there a fix or a step by step solution guide?  Isn't the entire point of paying for turbo tax is to avoid this type of hassle and have things automated?  I feel like a refund is in order or something of the sort.  Who wants to spend hours finding a solution for a issue that they need to research to understand?

 

If anyone can be so kind to provide information on what is causing this and how to obtain accurate answers to the following questions that TT is requiring me to go through the hassle to come up with?

 

I need to come up with the following numbers and make sure they are correct.

 

-Value from 2021 Schedule D for AMT, line 7

 

-Vale from 2021 Schedule D for AMT, line 15

 

-Value from 2021 Form 6251, line 4, alternative minimum taxable income

 

-2021 Schedule D for AMT, line 7, per 2022 Capital Loss Carryover  Wksht

 

-2021 Schedule D for AMT, line 15, per 2022 Capital Loss Carryover Wksht

 

This is unacceptable. Any help would be greatly appreciated. 

 

Would love to understand what is causing this and a step by step process to resolve that a first grader can understand. 

 

Thank you

 

been using TT online for years

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3 Replies

Is this return impacted by inaccurate TY21-->TY22 conversion? Checked yes

The more I research the issue, the more confirmation im finding there was a issue with TT capital loss carry over in 21/22 if you filed before March 1st, but after March 1st the bug was fixed?  I don't know, im asking for confirmation here.

 

I filed AFTER March 1st and my return is still being flagged with this. So did TT just flag everyone with loss carryover, regardless of date filed?  Seems lazy on their part if im not even affected and im still dealing with this?  I can't even change it from yes to "no".  I need to input the fields.

 

Furthermore, assuming what i mention above is true, why would TT handle things this way? I am highly disappointed that im spending all this time trying to understand the issue and a solution.

 

TT should take responsibility, have notified their customers, provided a fix and honestly should offer a free tax submission for this year. And imo that isnt even enough.  I wouldn't spent 5 hours thus far on something even for a free tax submission.  Heck, at this point its not even worth my loss carry over. 

 

If anyone can clarify the above, or has any insight i would greatly appreciate it.

 

If i am wrong on any of the above please fact check me and let me understand the situation.

 

As for a solution, I found some decent information but a lot of the solutions contradict one another.  So if anyone out there from TT is reading this, please outline a step by step solution that a first grader can understand.  I do things the right way and want to make sure before i move forward on this.

Is this return impacted by inaccurate TY21-->TY22 conversion? Checked yes

anyone?

PatriciaV
Expert Alumni

Is this return impacted by inaccurate TY21-->TY22 conversion? Checked yes

If you filed your 2022 tax return AFTER March 1, 2023, you may change your answer to the question "Is this return impacted by inaccurate TY21->TY22 conversion?" from Yes (default) to NO. TurboTax checks the Yes box by default to alert taxpayers of the potential inaccurate AMT capital loss carryovers from tax year 2021 returns. The issue was resolved on March 1, 2023.

 

Also, if you weren't affected by the Alternative Minimum Tax for either year, you can safely change the answer to No.

 

For reassurance, compare the 2021 Capital Loss Carryover Worksheet Lines 8 & 13 to the 2022 Capital Loss Carryover Worksheet Lines A & B to confirm the numbers in the AMT column from 2021 are the same as those for 2022. See screenshots below:

 

2021 Worksheet

 

 

2022 Worksheet

 

 

These worksheets are included in the PDF download of your return.

 

If you used TurboTax Online last year, follow these instructions:

  1. Sign in to your TurboTax account. Make sure you're using the same TurboTax account (same user ID) as in previous years. 
  2. From Tax Home, scroll down and select Your tax returns & documents. Select the year you want and select Download/print return (PDF).

Note: If the year you're looking for isn't there, it might be in a different account. Go here to find all of your accounts. One of them should have the return you're looking for.

 

If you used TurboTax for Desktop:

  1. Select the Start menu in Windows and select search.
  2. Search for *.tax2022 (or whichever year you are searching for, *.tax2021,*.tax2020, etc.).
    • Don't double-click the tax file in the search results to open it, as this can cause errors.
  3. In the left pane of the search results, select the > symbol next to the .tax file you're searching for. This will bring up information about this file in the right pane.
  4. In the right pane, select Open file location. By default, TurboTax saves tax files in the My Documents TurboTax folder.
  5. After locating the tax file in its folder, open your tax return using the same version of TurboTax for that year. For example, open your 2022 return in the TurboTax 2022 program and your 2021 return in TurboTax 2021.
  6. Choose File >> Print from the menu (black bar) in the TurboTax header.
  7. Check the button for "Specific Forms" and the box beside [name of form] in the forms list to the right.
  8. Save as PDF or Preview and Print.

For more help:

 

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