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SCMT
Level 2

Capital loss not showing

Hello

I should have 3K in capital loss showing for 2022 (it even says it will use 3K and carry rest of losses forward).

I know a lot about capital losses  (unfortunately 🙂 and am 100% qualify.  

However, it is saying it will apply zero this year and the whole 8K loss will be added to 2023.

But there are no options to edit this. The edit button just takes me to the info sheets---one of which says 3K will be applied, and the other that says zero has been applied.

I have gone all the way to wrap up to see if it would change and it does not,

Has anyone had this issue before and have any fixes?

Thanks!

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5 Replies

Capital loss not showing

$3K based on that $8K should show on page 1 of the 1040, IRS requirement. however, if you remove the capital loss and have negative taxable income, none of that loss is actually used but ends up being a carryforward.

 

SCMT
Level 2

Capital loss not showing

Thanks so much.

I am just filling out the Turbo Tax form as instructed. I didn't remove any capital loss. And I don't know if it showed on 1040, as I never see the forms untilI have paid and filed.

Would Turbo Tax somehow removed the 3K?

Or, if you mean would I have negative income if that was removed, no I would have positive income. (either way). But for whatever reason, the 8K capital gain loss is all being carried over to 2023.

Any other ideas?

Thanks!

JohnB5677
Expert Alumni

Capital loss not showing

Yes, you can preview your 1040 prior to paying for the software.

You can preview your tax return by going to:

 

  1. On the menu bar on the left that shows.
    1. My Info
    2. Federal
    3. State
    4. Review
    5. File
  2. Select Tax Tools
  3. On the drop-down select Tools
  4. On the popup menu
  5. Select View Tax Summary
  6. On the left sidebar
  7. Select Preview my 1040.
  8. Line 7 is Capital Gain/Loss
  9. Schedules 1,2&3 are included if you scroll down past your 1040.
  10. To return to the entry screens press Back on the sidebar.

Some key numbers on your 1040 tax return are:

Line 15 - Taxable Income

Line 24 - Total Tax.

Line 25 - Withholdings.

Line 33 - Payments including Credits.

Line 34 - Overpayments.

Line 37 - Tax owed.

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SCMT
Level 2

Capital loss not showing

I will try this out tomorrow.

Thanks so much for the info!

SCMT
Level 2

Capital loss not showing

Hey I tried it and it worked. 

Thanks for taking the time.

This was very helpful!

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