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Capital Loss Carryover Missing on Schedule D for 2023 and 2024

Hi everyone,

I am currently in the process of completing my 2024 tax return using Turbo desktop software and have encountered 2 issues with my capital loss carryover.

 

I won't disclose specific numbers, but I'll give ballpark figures.

  1. In 2022, I reported a total capital loss of $16,000 on Schedule D line 16. After applying the $3,000 annual deduction, which I recorded on line 21, I had a carryover of $13,000 online  to 2023. 
  2. In 2023, I reported a total capital loss of $14,000 on Schedule D line 16, and after using $3,000 of that loss, which again is recorded on line 21, I ended with a carryover of $11,000 to 2024.
    1. Question 1 - I didn't notice this until now. But my Schedule D, Line 6 is blank for for 2023. Shouldn't it reflect the carryover amounts from 2022, which is $13,000? If so, would that change my total 2023 carryover? How can I make corrections to my 2023 Schedule D? Can I use Turbo to file 1040-X, Amended return?
  3. In the 2024 tax return, TurboTax is showing that I have a carryover from 2023 of $11,000, and all of $11,000 will be used for 2024, leaving $0 to be carried forward to 2025. 
    1. Question 2 - Can you even use more than $3000 for cap loss in 1 year? Is the software correct? If you can use more than $3000, what are the situations?

2025-03-14 TurboTax cap loss carryover page.png

I created a table to show the numbers. Thank you in advance for any insights.

2025-03-14 cap loss carryover by year table.png

 

 

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1 Reply

Capital Loss Carryover Missing on Schedule D for 2023 and 2024

I don’t know about all of your questions but yes you can use more than 3,000 per year.

 

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 full prior year carryover amount.

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