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Will I lose my stock losses if Ttax says standard deduction filing is only option?

I have itemized deductions but Ttax is showing standard deduction for filing- will I lose my stock losses ($12k) on future gains?

I've used Ttax for several years and have the same profile when filing -self employed, have rental income, stock g/l, dividends, interest gains.., but took stock losses last year (harvested) to put toward future gains.  Will those losses fade away if Ttax says to take standard deduction when filing or will I be able to carry those losses forward?

Thanks for your help.

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4 Replies
JohnB5677
Expert Alumni

Will I lose my stock losses if Ttax says standard deduction filing is only option?

No, you will not loose the capital loses.  

In future years you will be able to offset gains up to that amount, and if still available, take an additional $3,000 as a deduction on your taxes.  Regardless if yo take the standard deduction or itemize.

There is no time limit for the carryforward of these losses.

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Will I lose my stock losses if Ttax says standard deduction filing is only option?

Thanks for the response!

Also, do you think Ttax will keep those losses in data for future use or I need to keep track of those to carry forward?

Thanks again.

Will I lose my stock losses if Ttax says standard deduction filing is only option?

Investment losses are not part of itemized deductions on Schedule A.  

You get to first offset the loss against any gains you have each year so that can use more of it up.  Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year.  Turbo Tax does all the calculations for you.  Just enter the prior year carryover amount.

 

And You have to report the carryover every year until it's used up.  You can't skip a year.  Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year.  You can't choose when to use it.

 

On the income page The 2023 column shows the carryover to 2024 (not your current loss for 2023).  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.

 

BUT 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.

 

Will I lose my stock losses if Ttax says standard deduction filing is only option?

Thank you for the response and info!

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