2021 Tax Year Capital Loss Carryover Issues

[hardrightedge]

Before getting into the issues, I'll preface by saying I applied the manual update R.16 today, confirmed with the "Superpatch applied successfully" message issued, followed by an auto update when restarting TurboTax.  This the desktop version of 2021 Premier running on Windows 10.

Issues:

1) In the Capital Loss Carryover section, the screen entitled "Let's get some info from your 2020 tax return" asks for "Taxable Income (Form 1040, line 11b)".  Neither the standard 2020 1040 nor 1040-SR (my return) has a line 11b, only a line 11 which is Adjusted Gross Income.  TurboTax prefilled the other fields with what looks like the correct amounts, but prefilled this "11b" taxable Income field with 0.00.  What gives?  What amount should actually pre-fill or be entered?

2) After clicking continue from the above screen without making any changes, then clicking "no" on the next screen, I come to the screen entitled, "We need one last item from your 2020 Form 6251..." which asks for the "Alternative minimum taxable income (Form 6251, Line 4)".  The amount prefilled is from the 2021 Form 6251, not the 2020 form.  What gives?  I just noticed 2020 TurboTax filled out a form 6251 but did not include it in the filing.  I presume that's because I was not subject to AMT.  Is the amount from that dummy 2020 Form 6251 the correct amount for this screen?  Seems like it.  But it is pulling from the 2021 Form!?

[hardrightedge]

Upon further inspection, here's a possible answer to Issue 1) in the OP.

The 2019 1040 had a Line 11b., Taxable Income.  I suspect, but cannot confirm, that the  problem may simply be that the field description on the "Let's get some info from your 2020 tax return" screen was not updated from last year, is now mislabeled, and should say "Taxable Income (Form 1040, line 15)".  That's the Taxable Income line on both the 2020 standard 1040 and the 1040-SR.  The $0.00 prefilled in my case is consistent with my 0.00 amount on that 2020 Line 15 (lucky me).

I would like a TurboTax rep to confirm my suspicion or explain that something else is going on.  If my suspicion is correct, then a fix to that screen is in order.

[DawnC · Accepted solution]

You are correct.   The taxable income number from 2020 should read Line 15.    If you go into Forms Mode and look at the Capital Loss Carryover Sheet Worksheet, Line D references the correct Line 15.   And yes, Form 6251 will not be transmitted with your return unless you are affected by the Alternative Minimum Tax.   The form is needed to ensure it does not apply, so it is part of your tax return file, but it does not get electronically sent unless it is used in the final return.   The descriptions will be updated.  Thank you.  

[hardrightedge]

Thanks, @DawnC.   As regards Issue 2) in my OP, are you saying that the amount in question should prefill from the 2021 Form 6251, not the 2020 form as indicated on the screen?   You said screen "descriptions" (plural) will be updated, but it's not clear to me that you meant this one specifically.

[RobertB4444]

@hardrightedge  She meant that one too.

[MichaelMDavid77]

need to continue my 2021 return

[MichaelMDavid77]

please continue my 2021 tax return

[DianeW777]

Clarification of your question would help to give you the specific guidance you need.  If you are using the TurboTax CD/Download version then you may need to double check your entry as noted below.

The taxable income number from 2020 should be Line 15 which has been updated.  If you go into Forms Mode and look at the Capital Loss Carryover Sheet Worksheet, Line D references the correct Line 15 as well. (This comes up if you ask for help with your new carryover because the 2020 info changed.)

[SteveUser]

This is still wrong on 2022 Home and Business.  It indicates 2021 1040 line 10 which appears to be incorrect as it should be line 11.  2021 1040 line 10 is Adjustment to income from schedule 1, line 26