I have a carryover from 2023 of over $17000 and in 2024 I had a capital gain of $5900. I should get a carryover of $3000 from 2023, but in Turbo tax my 2024 carryover show zero. as does my total carry over. Turbo Tax Premier is not letting me preview my 2024 taxes until I pay. I want to make sure my forms are correct before I pay. Any help out there? Thanks.
For a capital loss carryover -
Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Capital Loss Carryover, click the start or update button
Or enter capital loss carryover in the Search box located in the upper right of the program screen. Click on Jump to capital loss carryover
The 17,000 is carried over from 2023. It will offset the 5,900 gain and you get to use another 3,000 of it on 1040 line 7. So that’s 8,900 used up and the remaining 8,100 loss will carryover to 2025.
You get to first offset the loss against any gains you have each year so that can use more of it up. Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year. Turbo Tax does all the calculations for you. Just enter the prior year carryover amount.
If you transferred your prior return it should be already filled in.
Enter a Capital Loss Carryover under
Federal Taxes or Personal (Home & Business)
Wages and Income
Then scroll down to Investment Income
Capital Loss Carryovers - Click the Start or Update button
You enter the full amount that carried over, not just the 3,000
On the income page The 2024 column shows the carryover to 2025 (not your current loss for 2024).
Schedule D doesn't actually show the carryover amount. 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.
There is also a 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 Schedule D and the Capital Loss Carry Over and Carry Forward worksheets.
In the Desktop program you can go to Forms and find it in the list in the left column.
Thanks for your input. This still does not work for me in the online version, I have to pay before I can review my tax return. Any suggestion on how I can see my return and schedules before I pay?
@jgulbronso wrote:
Thanks for your input. This still does not work for me in the online version, I have to pay before I can review my tax return. Any suggestion on how I can see my return and schedules before I pay?
You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
To view or print your complete tax return before filing you will have to pay the TurboTax online account fees.
Thank you. I was able to preview my 1040 and the schedules 1 and 2. However, I still am showing a zero capital loss carryover from 2023 even though I have a carryover of $17,000. As far as I can tell, everything I have entered and have visibility to on the 2024 online version seems correct, but the carryover to 2024 and 2025 is showing as zero. This cannot be correct.
Oh, there is currently a problem. See this. Capital Loss Carryover screen showing incorrect calculations
https://ttlc.intuit.com/turbotax-support/en-us/help-article/new-subscriptions/capital-loss-carryover-screen-showing-incorrect/L0f9krvPv_US_en_US?uid=m6y32pg6
Thanks again. I did see this about 10 days ago and I am surprised that this is still an issue with Turbotax. I guess that I will have to wait until they get around to fixing the bugs in the system.
@jgulbronso You really need to see the Schedule D to verify that the 2023 capital loss carryover was reported on Schedule D Line 14 and to make sure there is a Capital Loss Carryover Worksheet provided.
To view/print the Schedule D and any worksheets you must pay the TurboTax account fees before filing.
Click on Tax Tools on the left side of the online program screen. Then click on Print Center. Then click on Print, save or preview this year's return. Choose the option Include government and TurboTax worksheets
Thanks. I was afraid of that. If I pay and find out that my tax forms are incorrect is dealing with Turbotax difficult?
Me too, I have the same problem. It keeps showing 0 dollars. I called Turbo Tax and they weren't able to help either. I'm thinking of putting it under 1099B, with the company name as Carryover, and enter the loss.
This experience has been reported and is under investigation. You may sign up for updates here: Why is the capital loss carryover screen showing incorrect calculations? Even if this doesn't seem to apply to your situation, the form & calculations will be updated in TurboTax when the investigation is complete.
Thanks. I am still waiting for a Turbo Tax response. Hard to believe that they have not figured this out. I would assume that there are thousands of people in the same situation.
I am having the same issue and glad that I found this message.
Same problem. Impatiently for “into it” to update their software fix.
My solution was to purchase and download the program rather than wait for Turbotax to fix the online version. The capital loss carry over worked just as it should in the download version of the program.
Has this issue been corrected yet not showing capital gain carryover forward?
The experience that you described is in the process of being resolved. Take a look at the following TurboTax help article for an opportunity to register your email address to receive updates. Why is the capital loss carryover screen showing incorrect calculations?
Since your capital loss carryover didn't transfer, refer to the TurboTax article How do I enter my capital loss carryover? for navigation instructions to enter it.
Do you know when this will be fixed? It looks like its been a problem for some time, by the previous comments. As it doesn't recognize the carryover, it will not let me use it to apply against the past 3 years...so I cannot complete my taxes until this is fixed.
I would suggest that you download the software rather than waiting for Turbotax to fix the online version.
I purchased the Standard edition through Costco and downloaded it, and it is not working on the downloaded version
@Shari88 Are you in Canada? Standard is a Canada version.
This is the USA forum. Here is the Canada forum
I have the same problem, capital loss from 2023 not showing up, and there's no mention of it anywhere but here. I will manually enter it. Thank you and the other responders.
Las year the IRS corrected my return and I got a few $hundred more back! So double check everything. Turbo Tax also does not automatically enter margin interest expense, It hasn't for me, anyway; even though it is on my 1099 which is downloaded through TTX.