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Level 5

Solved

Capital Loss Carryover from 2020

Forum|Forum|4 years ago
April 5, 2022
1 reply
0 views

TurboTax is asking for items from my capital loss carryover for 2020 although I transferred my 2020 taxes through TurboTax. I've put in the Federal ones requested, which ask for specific lines. Then it says find the one on my CA 504 (I am a CA full time resident) and put it in. What line?

TurboTax Home & Biz Windows

Best answer by JohnW152

It's not actually reported on a line in your 2020 return.

The 2020 Capital Loss Carryover to 2021 is computed using the California Capital Loss Carryover Worksheet in the 2020 Instructions for California Schedule D (540).

You compute your carryover to 2021 by calculating the:

Loss from Schedule D (540), line 11, stated as a positive number.
Amount from Form 540, line 17.
Amount from Form 540, line 18.
Subtract line 3 from line 2. If less than zero, enter as a negative amount.
Combine line 1 and line 4. If less than zero, enter -0-.
Loss from Schedule D (540), line 8.
Enter the smaller of line 1 or line 5.
Subtract line 7 from line 6. This is your capital loss carryover to 2021.

Level 15

It's not actually reported on a line in your 2020 return.

The 2020 Capital Loss Carryover to 2021 is computed using the California Capital Loss Carryover Worksheet in the 2020 Instructions for California Schedule D (540).

You compute your carryover to 2021 by calculating the:

Loss from Schedule D (540), line 11, stated as a positive number.
Amount from Form 540, line 17.
Amount from Form 540, line 18.
Subtract line 3 from line 2. If less than zero, enter as a negative amount.
Combine line 1 and line 4. If less than zero, enter -0-.
Loss from Schedule D (540), line 8.
Enter the smaller of line 1 or line 5.
Subtract line 7 from line 6. This is your capital loss carryover to 2021.

Level 5

Thanks. So even if Schedule D (540), line 11 is a positive number, I need to fill all this out right? I've done it but that seems confusing.

Level 15

Yes, follow the instructions from Expert JohnW152. This will result in a correct carryover calculation.

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