Carry over captial gain loss from 2020

[tengai650]

I failed to correctly report my capital gain loss in 2020 and the IRS brought to my attention after 2021 tax return was filed.  I worked with the IRS to correct my 2020 return; however, I was only able to deduct $3000 of a total $17,000 loss. Now I would like to carry over my $14,000 loss to my 2022 tax return. Is this possible and how might I go about this? I suspect I need to complete a "Capital Loss Carryover worksheet"?

Thanks,

Patrick

[PattiF]

Yes, it is possible to add the Capital Loss Carryover to your 2022 tax return.

Follow these instructions to enter capital gains loss carryover amounts:

1. Sign in to your TurboTax account and open your return by selecting Continue or Pick up where you left off in the progress tracker
2. In the search bar, search for  capital loss carryover, and then select the Jump to link in the search results
3. Select Yes on the screen Did you have investment losses you couldn't claim in 2021?

Please see this TurboTax Help article for more information about capital loss Carryover.

[fanfare]

TurboTax does the worksheet calculation for you.

You just have to enter the Short Term and Long Term remaining amounts from the previous tax return.

@tengai650