Capital loss carry over

[mokittle]

Ive been using Turbo Tax Deluxe for 10 years. This years, it is not carrying forward my Long-Term Capital loss.

Please advise why.

[MarilynG1]

Since we can't see your return in this forum, there are a couple reasons your Long Term Capital Loss Carryover is not showing in TurboTax. 

Did you have Long Term Capital Gains this year that can be offset by the carryover amount?  

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.

You can check your Carryover Worksheet for calculations. 

However, you can manually enter the loss carryover. Open your TurboTax return, search for capital loss carryover, and then click the "Jump to" link in the search results.

We'll take you to the screen where you can enter that info from your prior year return.

Click this link for more info on Capital Gains/Losses. 

[charette04]

I’ve been using TurboTax for years. This year the capital loss didn’t carry over.  I’ve been depending on TurboTax to keep track of this.  Now what do I do?

[Critter-3]

Look at the 2020 return ... do you still have an unused carry over to 2021?  If so you can enter it manually if needed.  

Also look at the 2021 return ... did any of the loss carry forward ? 

How do I preview my TurboTax Online return before filing?

You can view your entire return or just your 1040 form before you e-file:

1. Open or continue your return.
2. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
3. With the Tax Tools menu open, you can then:
   • Select Print Center and then Print, Save, or Preview This Year's Return to preview your entire return, including all forms and worksheets (you may be asked to register or pay first).
   • View only your 1040 form by selecting Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu.

[newform]

is capital loss careover from from the year before transfered

[Critter-3]

If you transferred in the prior year info then yes it should automatically transfer as well however it is always wise to review the return carefully BEFORE you file to make sure everything is correct. 

[freundrj]

I use Turbo Tax every year.  For a number of years I have been carry forward a large loss, reducing it each year by $3K.  My capital loss worksheet in 2020 showed an amount larger than $3K.  After submitting my taxes for 2021, I noticed that the The Capital Loss Carryforward Worksheet for 2021was blank.  So the information from 2020 appears to not have been carried forward by Turbotax as expected.  Any advice on what to do now to correct the error?  Manually correct it and submit 1040X?

[VolvoGirl]

Actually you can use up more of it than 3,000.  It first gets offset by any current year gains.  Then after any gains if you still have a net loss you can only take a 3,000 max loss on your tax return.  Did you have a lot of gains in 2020 or 2021?  You might have used it up.  

On the income page The 2021 column shows the carryover to 2022 (not your current loss for 2021).  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.

[Thomasokimoto]

Need to enter carryover loss -$15,654

[JohnB5677]

To post a Capital Loss Carryover to your 2021 tax return:

1. Wages & Income
2. Scroll to Investment income
3. Select Capital loss Carryover
4. Make your corrections

 You are allowed a maximum capital loss in any one year of $3,000, and any excess loss can be carried forward to future years to offset gains. Each subsequent year also has a maximum loss limitation of $3,000.

There is no limit to the number of years you can carry a capital loss forward. However, you are not allowed to carry a capital loss back to a year before the capital loss occurred.

Your carryover amount will be any remaining short-term losses along with all your long-term losses. If you have less in short-term losses, then first use any short-term losses you do have, and then take long-term losses to take you up to the $3,000 total. Any remaining long-term losses in that situation are eligible to carry over.

[K_A]

Well, this doesn't help those of us who are migrating to Turbotax for the first time.  I have a carry-over loss from previous years, but there doesn't seem to be a way to enter it in Turbotax.  How lame!

[VolvoGirl]

Of course You can enter it.

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