Capital loss carry over

[careeb45]

Where do I find how much of a capital loss carryover is available from a previous year?

[VolvoGirl]

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.

If you used the desktop version or have the complete pdf of your last year's return you might have the Capital Loss CO (carryover) worksheet that will tell you the amount.

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 worksheet. There might be 2. There is a Capital Loss 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.

[wallypepco]

is 3,000 the maximum loss that can be carried over from previous years

[VolvoGirl]

No.  3,000 is the max loss you can take each year after all the gains.  Then you carryover the rest of the loss to the next year.  

[clongeway]

I am having the same problem.  The information is all there, but TurboTax is not calculating a credit/offset for the capital loss carryforward.  Can anyone help?

[VolvoGirl]

The carryover from 2019 or to next year 2021?  And where are you looking?

On the income page The 2020 column shows the carryover to 2021 (not your current loss for 2020). 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.

It could be that all the carryover is used up against current gains?  Or 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.

[clongeway]

Thx - - Using the online version, when I reviewed and confirmed the carry forward, from 2019 to 2020, the "taxes owed" calculation did not change.  It should have, as it did when I entered my investment account information, which included capital gains in an amount in excess of $3,000.

[ASNJ]

Would the losses be carried forward if I do my taxes through another product.  This year I'm doing it through the software but what if I file my taxes next year through the turbotax site?

[VolvoGirl]

Another product?  Like another company?  If you use Turbo Tax  Desktop program you can transfer it into online next year.  So be sure to save the .tax2020 file on your computer to transfer.  

[nam lbx]

Hi everyone, do you know if we can file capital loss carryback in Turbotax?

For example:

I have capital gain in stock 2020: +$50k short tem gain, paid tax on this capital gain $10k (approx. number, don't quote me on tax bracket).

This year 2021, for example, I have the capital loss in stock, short term: -$70k. I understand that I can carry this loss over to next tax year, with full amount deduction if I have capital gain in stock again, (plus $3000 deduction to ordinary income such as W2).

But how about capital loss carryback? I've heard that I can carry this back to 3 previous years, meaning that I can deduction this loss -$70k in 2021 back to the gain +$50k in 2020, and reclaim this $10k tax I already paid. And the remaining loss -$20k, I can carry forward into 2022.

How can we do that in Turbo Tax, I have Premier version.

Any inputs would be much appreciated!

[Critter-3]

You are mixing up the  NOL carryback  and the capital loss carryforward.   A Cap Loss can never be carried back. And an NOL must be carried back unless you choose to waive the carryback and carry it forward. 

[KBS56]

My 2020 capital loss carryover was not automatically updated as described by the "expert". I had enough  capital loss carryover from 2019 to cover gains but ended up paying taxes on gains anyway. I didn't realize this at the time I filled, but later found the mistake (the software didn't update my actual carryover) I called Turobo tax only to be told that a supervisor would call me to help solve my capital loss carryover issues. The only response I received was an e-mail saying that "your Turbotax case is closed". Wow!! Great service after the 5 years I have used their Premier service.

[Critter-3]

Sounds like the cap loss carryforward did not transfer correctly from the prior tax year ... so if that is true then you must amend the return.   

To see how to amend your taxes, click here: 

Steps to amend in TurboTax

How to file amendment

Any calculation errors on the part of TurboTax are covered under the Accurate Calculation Guarantee.  TurboTax will pay any penalties and/or interest due to a calculation error but not any taxes owed.  The Guarantee does not cover any user entry errors or omissions.

See this TurboTax support FAQ for the 100% Accurate Calculation Guarantee - https://ttlc.intuit.com/questions/2566201-what-is-the-turbotax-100-accurate-calculation-guarantee

See this TurboTax support FAQ for submitting a claim - https://ttlc.intuit.com/questions/1901269-how-do-i-submit-a-claim-under-the-turbotax-100-accurate-ca...

See this TurboTax support FAQ for documents needed to submit a claim - https://ttlc.intuit.com/questions/1901060-what-documents-do-i-need-to-submit-a-claim-under-the-turbo...

[QPC]

Hello @DianeC958 do i need TurboTax files for ALL YEARS in order for TurboTax to calculate the correct amount? Or as long as I use TurboxTax every year and keep on importing the previous year's data every time, the file of LATEST year will include information for all previous years data for TurboTax to calculate the correct amount? Thanks a lot!

[Critter-3]

If you need to correct the prior years then you need to address every year in order.

Once your return is up to date then the correct information will carry forward as needed when you transfer the prior year info to the next tax year.