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Mimifor3
New Member

previous years carryover loss

@2 tax experts could not answer where previous years carryover loss was included. large amount from 2018.

not included in 2021 losses .  How would they know?

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3 Replies

previous years carryover loss

Did you include it on 2019 & 2020?  You can't skip a year.

 

If you transferred your prior return it should be already filled in.

 

Enter a Capital Loss Carryover under

Federal Taxes or Personal (Home & Business)

Wages and Income

Then scroll down to Investment Income

Capital Loss Carryovers - Click the Start or Update button

 

If you have a net loss for the year you can only deduct 3,000 (1,500 MFS) max on your tax return.  The rest you have to carryover to next year.  You have to report the carryover every year until it's used up.  You can't skip a year.  

 

See Publication 550.  Capital Losses start on page 66

https://www.irs.gov/pub/irs-pdf/p550.pdf

 

 

previous years carryover loss

there are several types of loss carryover. capital loss, net operating loss, and passive activity loss. which is yours?

Hal_Al
Level 15

previous years carryover loss

The capital loss carry over form the previous year shows on Schedule D.  Even if you had no stock sales for 2019, TurboTax would generate Schedule D just for the carry over.

 

For 2019 2020 and 2021, long term capital loss carry over shows on line 14 of Schedule D and Short-term capital loss carryover on line 6.

 

TurboTax will also do a capital loss carryforward worksheet to show the amount that carries to the next year, Although, in most cases, that amount is discernable on Schedule D.

 

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