Turbotax 2023 Capital Loss Carryover Worksheet "TY-21->TY22 conversion"

[antoniuser]

Faced this issue today as well with my TurboTax Premier (desktop). I managed to fill out 3 out of 5 problematic fields from my 2021 tax return.
But then I got stuck completely with these two values:

"TY22 CLCO Wksht Row A AMT" (2021 Schedule D for AMT, line 7, per 2022 Capital Loss Carryover Wksht)
"TY22 CLCO Wksht Row B AMT" (2021 Schedule D for AMT, line 15, per 2022 Capital Loss Carryover Wksht)

First of all, in my 2022 tax return I have only "Federal Carryover Worksheet" (the closest match to "Capital Loss Carryover Wksht". And it does not have plain row A and B but rows with numbers and letters 12a/b, 13a/b, etc. Can anybody help me to locate these "row A and B" as referred in Turbo Tax app?

[p3nguin53]

antoniuser,
If you go back and reprint your return choosing the 'Include government and TurboTax worksheets' option then you should get the missing Carryover worksheet. It may be labeled differently but it should be the third option on the Print choices list.

The 2022 Capital Loss Carryover Worksheet does not have lines labeled A or B. It has 2 columns labeled Regular Tax and Alternative Minumum Tax. The 2 lines on the 2022 Carryover Worksheet that match what TurboTax is asking you to enter are on lines 5 and 9 of the worksheet. Take the numbers from the Alternative Minimum Tax column and enter them as negative numbers.

Also make sure you take the numbers from the 2022 Carryover Worksheet, not the Carryforward Worksheet.

I'm no expert. This advice is based on your specific question and what I found/did to resolve this for me.

[antoniuser]

@p3nguin53 , thank you for your reply. My problem was that there is no 2022 "Capital Loss Carryover Worksheet" in print/download dialog regardless of the chosen mode. This is frustrating. I actually managed to locate it by opening TurboTax in form mode, navigating to "Schedule D" and scrolling it down until the line "QuickZoom to Capital Loss Carryover Worksheet for 2022". So this form can be opened in my case only this way, it does not present in the list of forms. And this is a different form from "Federal Carryover Worksheet" and "Capita Loss Carryforward Worksheet" which can be easily found. This form has lines A and B and two columns for regular tax and AMT. All fields are blank in my case.

Overall I prefer TurboTax to make it more transparent and user-friendly. I spent a couple of hours yesterday switching between TT2021, TT2022 and TT2023 (you cannot have them running at the same time) trying to find necessary values. 

[Topsail Pablo]

Although my list of forms in Turbotax 2021 does not show a Schedule D for AMT purposes, I was able to get the program to generate one by clicking on the "Forms" tab (at the top of the screen to the right of "View") and then in the search box inserting "Schedule D AMT".  I obtained the two requested values from this form, which as I suspected were the same as the numbers for regular tax purposes.

[tjmaslyn]

Faced same issue, plus another major issue that I did not see others mention.  The TY21 -> TY22 conversion AMT capital loss carryover adjustment smart worksheet put incorrect values in the “Corrected TY 21” and “Corrected TY22” Line 9, and Line 13.  In fact, the “Corrected” value for these lines for both years has been set to 0 (zero) by Turbotax.  This is totally incorrect because I have a large AMT capital loss carryover from the Dotcom bubble burst that I have slowly been reducing, and it needs to be kept and continued to be carried over likely for many years to come.  For Turbotax to set the Capital Loss Carryover value to zero for these lines is unacceptable.

I will go back and use the suggestions to try and get the correct numbers, but it looks like when I do, I will have to manually overwrite values on this form for the Corrected TY21 and Corrected TY22 line 9 and line 13 values or I believe next year when I do the import it will continue to have incorrect values and I will lose my AMT carryover loss.

I have been using Turbotax for decades and my AMT Capital Loss carryover has always been correct (at least I thought so?).  Setting my Capital Loss Carryover value to zero, saying it is "Corrected", and not having any explanation on how/why they were “corrected” is unacceptable.  I have ended up holding filing my taxes because of this issue, and it is taking hours to figure out how do get this settled.  Fortunately, the user’s have offered useful suggestions, but where is the help and an official response from Turbotax in all of this?!

Can a TurboTax representative please step up, provide some guidance on a fix, and help us regain some confidence in this product?

Thank you.

[p3nguin53]

tjmaslyn,
My TY21 -> TY22 conversion AMT capital loss carryover adjustment smart worksheet has 6 numbers at the top which are the numbers it asks you to enter (I was asked to enter only 2 of them). Those 6 numbers are used to generate the Corrected TY21 section numbers.

My Corrected TY21 numbers matched exactly to my 2021 return Capital Loss Carryforward Worksheet numbers which were the correct numbers.

For the 6 numbers at the top of the worksheet all of mine are negative except the Form 6251 Income number and then all of the rest of the numbers on the worksheet are positive. Do you have some positive numbers at the top that should be negative instead?

[Topsail Pablo]

The only numbers in this "Smart Worksheet" that were not automatically filled by my Turbotax 2023 program were the first two numbers.  I filled these in by looking at my Schedule D AMT for 2021, which I was able to generate by doing the following (Schedule D AMT wasn't listed in the "Forms" section of the 2021 program):

Click on the "View" tab at the top of the 2021 Turbotax program, then click on "Forms",  then click on "Open Form," then in the search box insert "Schedule D AMT".  This should bring up two choices; choose Schedule D AMT, and the form will pop up.  Use this to fill in the missing values at the top of the 2023 Capital Loss Carryover Smart Worksheet.  

In response to your question, the "Schedule D for AMT, line 7" blank in my case was a positive number because I had a short-term capital gain in 2021.  The blank for line 15 was negative because I had a long-term capital gain.  In Schedule D, unlike some of the values required for the Capital Loss Carryover Worksheet, losses are shown with a negative sign in front of them.

The not-so-Smart Worksheet in my case inserted an incorrect value for the 2021 Schedule D for AMT, line 15, per 2022 Capital Loss Carryover Worksheet, and incorrectly put a negative sign in front of it.

Even if the correct values from Schedule D AMT for 2021 are inserted in the Smart Worksheet, the "corrected TY22" numbers shown in the last section of the Smart Worksheet are incorrect in my case.  I don't think this is something to worry about (i.e., it shouldn't affect your AMT capital loss carryovers available for the 2023 return (or the carryforward of AMT capital loss carryovers to 2023), as long as you make sure that the AMT column for line 13 of the main 2023 Capital Loss Carryover Worksheet shows the same value as the  Regular Tax column. 

Bottom line, unless I am missing something Turbotax 2023 has totally messed up the purported "fix" or "conversion" intended to remedy an error in the 2022 Turbotax program.  And none of its updates to the 2023 program since the original release corrects the error in the program, notwithstanding multiple comments on the problem in this forum and on the Turbotax Reddit forum.

If you (like me) have no circumstances that would cause AMT capital gains or losses to vary from Regular Tax capital gains and losses, I would simply use the "override value" function (right click on the number) to make the line 13 value in the Alternative Minimum Tax Column on the main 2023 Capital Loss Carryover Worksheet (not the actually dumb "Smart Worksheet" that follows) matches the value shown in the Regular Tax Column.  Line 13 is the long-term capital loss carryover that is available for use in the 2023 tax return, shown as a positive number.

I recommend checking the 2023 Capital Loss Carryforward Worksheet to confirm that your capital loss carryforwards to 2024 for regular tax and AMT purposes are the same values.

[MTH61]

THIS IS ANSWER IS SPOT-ON!  I surprised so many TT people don't know this.  Well done! 

[IslandDucks]

I'm having the same problem as others with info not being filled in or not being entered correctly on the Capital Loss Carryover.  Incredibly frustrated and earlier today in tears over this.  With all of the updates why can't TurboTax fix this error?   Now I feel I need to pull up old files and try to locate information to complete forms and really should not have to be doing this.  I've been using TurboTax for years, and suddenly I'm losing confidence!

[nitingupta]

@IslandDucks Have you read all the posts in this thread?

I faced the same problem. Then I figured out how to generate the missing 2021 Sch. D for AMT form to get the missing info.

I have posted the instructions on how to generate this form in this thread.

[IslandDucks]

Yes, I "think" I have this figured out and corrected, but I still plan to go in and review the numbers.  Sorry, but I lost a bit of confidence in TurboTax after this problem.  I pulled up my forms from 2021 and copied the numbers to the blanks on the current year forms.  At least I know it wasn't just me ... aging is difficult enough without thinking you've lost the ability to do your taxes with TurboTax.  Thanks for the time to everyone who has replied to the initial post and helped so many!!

[tjmaslyn]

Thanks to all of the Turbotax users who have contributed to this thread.  Thanks to all of you I have now been able to finish filing my taxes with what appear to be the correct Carryover values.  In summary what I learned was:

-  Turbotax may generate 2 different Schedule D's for a given year. One, I'll call the standard Schedule D, and another one, potentially very different, a Schedule D for AMT calculations. 

- The Capital Loss Carryover Worksheet TY21 -> TY22 conversion worksheet to correct a Turbotax error might ask for values from the standard Schedule D and/or the Schedule D for AMT.

- If there was no AMT for you in a particular tax year, that tax year's Schedule D for AMT is not generated automatically by Turbotax, even though the worksheet is asking for you to fill in AMT values from that tax year.

- If you didn't have an AMT schedule D generated for the year, and the conversion worksheet is asking for numbers from that year, in my case TY-21, then you need to generate one using the information in this thread.

- After I generated the AMT Schedule D that I needed, and entered the numbers into the conversion worksheet as requested, things looked like they were back on track.

Without the help of people in this thread, I would have struggled much longer, so thank you again!

Cheers

[stantonporsche]

i got the same problem using turbotax deluxe

When i go to do a review on my turbotax deluxe 2023

I get an error on the Cap Ls Carryover 

on line 1: Enter the amount from your 2022 form line 1040, line 15.:   

just above in the 2022 capital loss information smart worksheet, information should be just carried down

for example :  E. alternative minimum taxable income before exemptions : 200,000

but in line 1.   alternative minimum tax listed as 203, 000

then in line 2.  :enter loss from 2022 schedule D line 21,   it should be 3000 but listed as 0 in the alternative minimum tax area

all previous years it is the same number 

when i compared my previous year turbotax, that alternative min tax at the top box , line E should be reported as the same amount in line 1 but it is not ,   it actually reports it as 3000 more

then in line 2 alternative min tax loss should be 3000 like all previous year have done but now listed as 0

i believe if you manually fix column in alt min tax , all errors should go away but turbo tax should not put us in this situation 

[jimmyv4351]

Same issue, different solution.

After reading this thread and fussing over how to fix it, I decided since I hadn't had to file AMT in '21 or '22 (nor for '23) I'd just change the box TurboTax had checked "Yes" the return was affected by mis-reported AMT to "No".

This removed the issue.

[nitingupta]

@jimmyv4351 Checking No instead of Yes may just carry over the error to future years.

I didn't have to file AMT either yet there's information to be filled.

Have you read all the posts in this thread?

I faced the same problem. Then I figured out how to generate the missing 2021 Sch. D for AMT form to get the missing info. See my response a few posts above.