2024 Turbo Tax desktop version: Is anyone having issues with 2024 version not carrying over cap gains losses from 2023 return?

[VolvoGirl]

Maybe you were able to offset all the carryover loss against the current 2023 gains and there is nothing left to carry over to 2024.

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.

Enter a Capital Loss Carryover under

Federal Taxes or Personal (Home & Business)

Wages and Income

Then scroll down to Investment Income

Capital Loss Carryovers - Click the Start or Update button

You enter the full amount that carried over, not just the 3,000

[matt-wrightport]

I was assuming TT would carry over 2023 losses on schedule D line 15 to current 2024 version carryover ... which in my case was $-35,373.  It did not.  Is it supposed to?

[VolvoGirl]

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 Schedule D and 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.

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.

[matt-wrightport]

The original question was,  is TT 2024 desktop version not carrying this value over automatically from 2023 version.  But thanks for your time.

[RobertB4444]

The TurboTax desktop version should carry over any capital losses if you are using last year's file in order to do this year's taxes.  I'm not sure why it did not in your case but @VolvoGirl does supply several good ways to manually look it up.

@matt-wrightport