TurboTax Support,
I am doing the capital loss carryover numbers from 2020 and the there is a screen for "information of 2020 schedule D use for AMT" coming up with "Adjusted shortterm gain or loss ( Schedule D for AMT, line 7 )" with a number I can't find anywhere in my year 2020 tax return. I went through my filing papers from last year and I can't find the "Schedule D for AMT" form and don't know where that number came from. After continued to next, it seems TurboTax doubled my 2021 capital gain and took ( minus ) it from my previous yeas carryover, so it lower my carryover loss a lot for next year. Wondering where this Schedule D for AMT, line #7 comes from and what it is. Why Turbotax doubled my 2021 capital gain then minus it from my previous year's carryover amount ?
For example:
Carryover from 2020 : -20,000
Total Gain/Loss before carryover : +150
Capital loss used in 2021: +300
Loss carryover for 2022 : -20,000 -(+300) = -17,000 which should be -20,000 - (+150 ) = -18,500.
Where does that "Capital loss used in 2021: +300" number come from, and use the actual loss number : +150 ?
Please advise. Thank you for your help.
John
there is a capital loss carryforward worksheet that will show the computation though you may have to pay your fees to see it
or look at the instructions for schedule D on page D-11. instead of using 2020 return amounts use those from your 2021 return.
Got it, thanks a lot for your reply, Mike,
Another quick question, I can't go back to re-choose the question for "received 3rd stimulus payment", once I chose "Yes", I can't go back to re-choose "No" any more. ( which I made mistake to choose Yes early misunderstanding the payment ). This is in Federal Review section.
How can I go back to re-select the Yes/No answer to the stimulus payment question ?
Thanks again,
JohnZ
Select federal review at the top of the page and that should get you back to the stimulus question.