Capital loss carry over

[Craig5014]

Does Turbotax automatically carry losses over year to year if I use the service every year? Otherwise, am I supposed to follow the carry over and put it in manually?

Thank You

[Mike9241]

it's supposed to be automatic in Turbotax. in the following year look at schedule D lines 6 - short-term c/o and 14 long-term c/o

[VolvoGirl]

The current year carryover loss from the prior year is on schedule D line 6 & 14.

On the income page The 2022 column shows the carryover to 2023) not your current loss for 2022).  The 2021 column shows the carryover to 2022 not the loss for 2021.

And Schedule D doesn't actually show the carryover amount to next year. 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.

And 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.

There is also a Carryover Worksheet. There is a Capital Loss 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 the Capital Loss Carry Over and Carry Forward worksheets.

[rjs]

TurboTax Online will automatically carry over the capital loss from year to year as long you as you use the same account (same user ID) each year.