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Capital Loss Carryover and low income

Hello,

 

I have a capital loss carryover from 2022 for $100,000. On 2023, I have a $10,000 capital income. I think the strandard deducation will cover my $10,000 capital income this year.

 

However, when I used turbotax desktop version, it used capital loss caryover firtst, meaning next year I will only have $100,000-$10,000=$90,000 capital loss carryover. 

 

I don't know what's the amount of capital loss carryover for the next year, $90,000? or $100,000? If $100,000, how could I operate in the turbotax to make it use my strandard deduction first and carry $100,000 to the next year?

 

Thank you very much for your timely reply in advance.

 

 

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1 Reply
MinhT1
Expert Alumni

Capital Loss Carryover and low income

No, you can't.

 

Your carried forward capital loss will offset this year's capital gain, reducing it to 0, before the application of the standard deduction.

 

Your carried forward capital loss for next year is $90,000.

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