Capital Loss carryover over two years

It is possible to have a larger carryover in 2024, for example, if you incurred more losses. It could also be that this is a tentative figure that will change after you make more entries in that section for 2024. 

 

If you are using a Desktop version of TurboTax, you can switch to Forms Mode by clicking on "Forms" at the top of your screen. You can then view all of the forms that TurboTax has prepared from your entries and the information transferred over from last year.

 

If you transferred last year's TurboTax return over and it included the carryover for this year, you shouldn't have to do a thing—the program may already have entered it for you.

 

Otherwise, follow these instructions:

 

1. Sign in to your TurboTax account and open your return by selecting Continue or Pick up where you left off in the progress tracker
2. In the search bar, search for capital loss carryover, and then select the Jump to link in the search results
3. Select Yes on the screen Did you have investment losses you couldn't claim in 2021?*
4. Enter the info about your capital loss on the following screens

*In the alternative, you may see a screen "Here's what we have" showing capital loss amounts already entered in the program. Click Edit if the carryover doesn't appear (you see only zeroes). Enter the information about your capital loss for 2021 following the screen prompts.

 

See this help article for more information.

 

 

Thanks Sir.  

I imported /transfered my 2023 tax to TT and I also imported my 2024 capital loss from Schwab.  The 2023 Carryover was correct as 13,810 & 2024 from Schwab was 10,207.  Shouldn't the carryover be: 

13810+10207-3000 =  21,017 ? 

 TT did capture the 13,810 and 10,207 correctly as I posted up earlier.  How come it puts -$16,838 up?  Missing by 4,179.  Any possible deduction someway?

I will just assumed it as tentative and review once I finish my tax then. Thanks again.

It depends. You may have also had some gains, on your Charles Schwab yearly activity. The capital loss is calculated on your tax return and is not necessarily going to be what you see on your statement from Charles Schwab.

 

When your entries are completed you can review your tax return (look at Schedule D, capital loss carryover worksheet and Form 8949).

1. From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.)
2. Select Tax Tools 
3. On the drop-down select Tools 
4. On the pop-up menu titled “Tools Center”, select View Tax Summary 
5. On the left sidebar, select Preview my 1040 

For TurboTax Desktop, change to 'Forms' and review the forms   

                       

 

OK Thanks will look at it when I complete mt tax.