Can capital loss be used to offset social security income? OR interest income? My only income is from these two sources and i have a capital loss carryover of 19k .

anassar52 · ‎February 12, 2023

MaryK4 · ‎February 12, 2023

Yes, the amount of the excess loss that you can claim to lower your income is the lesser of $3,000 or your total net loss- and you can carry the loss forward to later years.

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rjs · ‎February 12, 2023

TurboTax will automatically use up to $3,000 of your capital loss carryover to offset your other income. You do not have to do anything to make that happen. If you did not transfer your 2021 information when you started your 2022 tax return, you will have to enter the capital loss carryover amount.

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Can capital loss be used to offset social security income? OR interest income? My only income is from these two sources and i have a capital loss carryover of 19k .