capital loss carryover from last year showing up as zero in 2021. Where did it go?

[mhe8888]

In my 2021 Captial Loss Carryover Worksheet:

-Line 12 shows $0 under Regular Tax Column, and $3,000 under Alternative Minimum Tax. 

-Line 13 shows $0 under Regular Tax Column, and $ XXXX under Alternative Minimum Tax. 

-These numbers match my 2020 Captial Loss Carryover Worksheet.

In In my 2021 Captial Loss Carryforward Worksheet  for 2022:

-Line 12 shows $0 under Regular Tax Column, and $0 under Alternative Minimum Tax. 

-Line 13 shows $0 under Regular Tax Column, and $ 0 under Alternative Minimum Tax. 

So it looks like that my 2020 Captial Loss Carryover does not offset my 2021 gains, PLUS does not get forwarded to 2022. 

I wonder why?

[JohnB5677]

One last try:

Delete Cap Ls Carryfwd 

Go back to step by step

1. Go to Investment income
2. Capital Loss Carryover
3. Yes I'll review the carryover amount
4. Clear the amounts posted and re-enter them
5. The next page is the Capital Loss Carryover Summary

Does this last page reflect a correct calculation?

[mhe8888]

I followed the steps by clearing the carryover amount through each step, and then re-enter them. No dice. Now it is back to the same as before. 

[MarilynG1]

Since we can't see your return in this forum, if you are unable to resolve your issue, you may want to Contact TurboTax Help.

Here's more info on Capital Loss Carryovers. 

[mhe8888]

I called Turbo Tax helpline. An expert helped and resolved it perfectly. 

Many thanks to all the experts here who took their time and replied to me. Much appreciated!

[VolvoGirl]

So what was it?  It may help someone else.

[joggerjohn]

Where can I locate the CAPTIAL LOSS CARRYOVER WORKSHEET that is referenced on Sch D Capital gains and Losses  #14.    John Caswell

[joggerjohn]

I need the worksheet referenced in Sch D  #14 .

[VolvoGirl]

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.

In the Desktop program you can go to Forms and find it in the list in the left column.

[ripweeder]

On the Capital loss Carryforward worksheet it shows $0 for short-term capital gains, but $xxx for long-term capital loss carry forward to 2021.  $3,000 was deducted in 2021, but there was 0 carried over to 2022.  How is the remainder of the carry over suppose to be found on the 2021 tax forms

[VolvoGirl]

Maybe you were able to offset all the current 2021 gains and there is nothing left to carry over to 2022.

[simsar]

Hi - I have the same problem as mhe8888.

I use online version for the Turbotax premier and I have two issues:

1. I can’t use “capital loss carryover from 2020” in my 2021 return although I have more than -$3K in capital loss carryover from 2020” balance (I mean more negative than -$3K).
2. “Loss carried forward to 2022” balance is zero although I have more than enough negative balance to carry forward to 2022

What am I doing wrong?

Here is what I see in the capital loss carryover screen:

“Capital loss carryover from 2020” line shows -$X (It’s imported from last year’s return automatically and the number is correct. X is more than $3K)

“Capital loss used in 2021” line shows $X (which is “capital loss carryover from 2020” balance but it’s a positive number). $X is larger than $3K so I'm not sure if that make sense because should be at most $3K

Loss carried forward to 2022 line shows zero (although I have more than enough negative balance to carry forward)

When I continue, the new screen tells me I got a tax break and actually I didn't. The following window is income summary and my capital loss carry forward seems zero there and it's not correct  (I can see the previous 2020 carry forward amount and it's correct)

[mhe8888]

If I read your post correctly, in your 2021 tax return's capital loss carryover screen the “Capital loss carryover from 2020” line shows a negative number like -$ X, right?

You need to go back to your 2020 tax return and check the Capital gain/loss number. Is it a positive number? If so, is this number exactly the same as what showed above as $X?

If the above assumption is the case, then this is caused by the confusion of that negative number showed in the “Capital loss carryover from 2020” line. That -$X actually means that you DO NOT have a loss carryover from 2020. 

[Matt1of1]

I have the exact same issue. I'm using Turbotax Online.

On the loss carryforward page:

Capital loss carryover from 2020: -$XX,XXX.00

Capital loss used in 2021: $XX,XXX.00

Loss carried forward to 2022: $0.00

When I click continue: "Nice work! You just got yourself a tax break." 2021 Capital Loss Carryover. We hope this $XX,XXX.00 tax breaks gives you a boost."

When I click done and look at "Your Income and expenses":

2020

Capital Loss Carryover: -$XX,XXX.00

2021

Capital Loss Carryover: $0.00

I believe I should be using -$3,000 of losses in 2021 and have a balance of $XX,XXX.00 - $3,000 to carryover to 2022. Please show me what I am missing.

[VolvoGirl]

For everyone, maybe it's what I said above....

Maybe you were able to offset all the current 2021 gains and there is nothing left to carry over to 2022.

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.