17449
I'm a California resident, and I prepared my 2017 taxes using TT Premiere.
I'm now doing my 2018 taxes with TT Premiere, and finished entering my stock sales. I'm presented with a screen entitled "Let's get some info from your 2017 tax return", which is prepopulated from the 2017 return, except for one field (the last one):
The field header says "Now look at your California Form 540, Schedule D and enter your capital loss carryover, if any, as a positive amount".
Two problems:
I'm thinking that Intuit means I should enter the value from the 2017 "California Capital Loss Carryover Worksheet", line 8 ("capital loss carryover to 2018").
Can anyone confirm this? Am I overlooking some very obvious clue? Is there some reason why TT fails to auto-fill this field???
UPDATE:
Ah-hah! The field wasn't auto-filled because I hadn't yet downloaded the California module. Intuit really ought to flag this, reminding you that it will autofill the field if you download the state software. Sigh.
And my guess appears to have been correct.
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We are confronting the same thing. I am also using 2018 Premier.
So I immediately downloaded my state CA software. The process seemed successful because the CA Refund box now has a number populated in it telling me a refund number as well as my "FORM 540" being populated with all kinds of numbers.
I return back to the FED Carryover screen and Viola... the field is still not populated. I save, exit TT, and re-start TT---> still the same. I wonder why it worked for you and not me ?
Anyway I jumped to the CA FORM Schedule D and I see line 6 says"Loss carryover from 2017" = $3605
And the funny thing is when I look at my hard copy printout from 2017 last year the text there says "Loss carryover from 2016" = $3605. LoL Yes, same exact number for 2016/2017. I am not sure what is rotten.
To avoid this TT quirk, for the screen "Do you know your capital loss carryover amounts?" I instead selected YES. This gave adequate instructions of what lines to pull your numbers from related to your 2017 return and the numbers make sense to me.
If you had no gains in 2017 to which the 2016 carryover might apply, and no 2017 losses to carryover, the amount wouldn't have changed.
I don't know why the carryover didn't get autofilled for you. I'm using a Mac version, if that makes any difference...
WIN7 fully patched.
I had a minor loss in 2016, and big losses in 2017&2018.
Assuming we're talking about long term losses, look for your "California Capital Loss Carryover Worksheet" for 2017. Line 8 (Part I, assuming you're a CA resident) should have the amount to carryover to 2018.
You ought to be able to find the same line on the same worksheet for 2016, to see if there's a difference.
I always generate and save a PDF of the "for filing" and "for records" returns upon completing my taxes each year. That makes it easier to go back and check previous returns...
I am currently having the same problem.
Before I started my tax report with TT Premier I installed the latest versions of TT & CA software, but the software is still asking for the "California Capital Loss Carryover". I have just updated TT & Ca, but TT still gives the same issue.
This is the first year I am using TT, and I am truly disappointed.
Any hints will be welcome.
DD, if you used TurboTax for 2017, look for your "California Capital Loss Carryover Worksheet". Line 8 shows the value to carry forward to 2018. You should be able to manually fill this in.
Capital Loss Carryover might be the same from any year to year as long as you had no losses more than the deductible amount ($3000) in the interim.
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