Capital loss carryover not offsetting my capital gain. Not show in the Schedule D

[Jojo25012222]

Why my 2023 loss carryover not show in the 2024 schedule D and not offsetting  2024 gains. I have input manually the carryover losses  info from 2023 tax return  as per  TT instruction. Pls advise how to manual change the loss carryforward for year 2024 and the balance amount to 2025. 

Info input from 2023 tax return from different  tax software. I don't have any income  for I have a big loss when I sold my business.

Edit

Net short-term capital gain/loss

-$2,534.00

Net long-term capital gain/loss

$787.00

Allowable loss

-$1,747.00

Income before exemptions

$0.00

Net AMT short-term capital gain/loss

-$2,534.00

Net AMT long-term capital gain/loss

$787.00

AMT allowable loss

-$1,747.00

AMT taxable income

$0.00

[JohnB5677 · Accepted solution]

You used all of your loss in 2023.

$2,534 Loss - $787 gain = $1,747 net loss reported on your 2023 return.

[Jojo25012222]

Thanks for your response. However $2,534  loss was carried over from 2022. Yr 2023 has a gain of $787. Hence the balance of $1,747 (2,543 - 787) net loss should be carryover to 2024 per freetaxusa. Sorry, I cannot attached the worksheet here.  I have a capital gain in  2024.  But the amount is not offset on TT.  Why?

[AnnetteB6 · Accepted solution]

Look at your 2023 Form 1040.  According to the information shared, line 7 should be -1747.  

If it is, that means that all of the loss was used on your 2023 return, as stated by JohnB5677.  There is no loss leftover to be carried into the 2024 return.  

If the leftover amount had been greater than $3000, then up to $3000 would have been reported on your 2023 Form 1040 line 7 and anything above $3000 would have been carried forward to 2024.  

@Jojo25012222 

[VolvoGirl]

How much is on your 2023 1040 line 7?  Is it a +787  or a  -1,747?  And is the $2,534 and the 2,543 different amounts or is one a typo?  Is the 787gain the net gain after all the losses?  

[Jojo25012222]

 2013 form 1040 on the line 7 is -1,747. 

Thanks for the explanation.

[Jojo25012222]

2013 form 1040 on the line 7 is -1,747.  The amount should be 2,534.  787  the gain from yr 2013  upset by  2022 carryover loss of $2534.

Thanks for the checking.

[DavidD66]

Your last two posts are not clear.  Do you have another question?  If so, please clarify.

[VolvoGirl]

@Jojo25012222   You  posted…….”Hence the balance of $1,747 (2,543 - 787) net loss should be carryover to 2024 per freetaxusa”

2023 1040  line 7 is -1,747 is right.   Why do you (or freetaxusa) think the net loss should be carried over to 2024?   You got to use it all on your 2023 return.   After you apply the Capital Loss Carryover -2,543 from 2022 to the 2023 gains +787 you have a net loss of $1,747 for 2023.   The max loss you can deduct each year is 3,000 which you were under so it took it all.  

You can't skip a year.  Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year.  You can't choose when to use it.