2020 Tax info carried into 2021

[DougMH]

I used TurboTax for 2020's filing.  It all went well. I purchased TT for 2021. I started populating it as tax docs came in.  I have everything now.  However, I neglected to download my 2020 tax return.  Every time I try to do that, it makes me start from scratch with a new "untitled" 2021 file.  Is there a way to load 2020 into my completed 2021 file now?  Do I even need to?  DougMH

[DaveF1006]

If you are using Turbo Tax Desktop, you should have introduced your 2020 tax file before you began the return. At this point, don't try because you may be in risk of contaminating the return that you have put your hard work into. 

Next year if you use the same computer, you can use the tax file created from this return to populate into next year's return. Just remember to do it before working on your return.

[DougMH]

I was hoping there might be a way to do it later in the final checks process, but that's what I suspected!  At any rate, I wanted to get an expert verify that for me before I gave up.  I infer from your reply, Dave, that there's no harm in not having the data from 2020 carry over into the 2021 return (as long as 2021 is complete and accurate, of course).  Thanks for your reply!

[JillS56]

There is no harm in not having the data from 2020 carryover into 2021 unless there is data in your 2020 that you would want to carry over as it would make a difference in the outcome of your 2021 return.  

Did you have any loss carryforwards in 2020 that you would need to be reported in your 2021 return?   Do you have a rental property where there might be passive loss carryforwards?    Were there any deductions reported in 2020 that you were not able to claim in 2020 but can carry them over to 2021? 

The most common tax perks that enjoy carryovers include the adoption tax credit, the charitable contribution itemized deduction, 529 plan deductions at the state level, and capital losses.

You can also carry over net losses of more than $3,000 to next year's return. You can carry over capital losses indefinitely. Figure your allowable capital loss on Schedule D and enter it on Form 1040, Line 13. If you have an unused prior-year loss, you can subtract it from this year's net capital gains.  

If you have rental property, you may have passive losses that need to be carried forward.  

I recommend that you review your 2020 return and make sure that there are no carry forwards that need to be  entered.   If you would have none of the above, you should be good to move forward without having loaded your 2020 tax file first.