Capitol Loss Carryover Worsheet Error

[wchowe]

I'm doing my federal taxes 2023 desktop version. I  did the review and 2 errors were found. The software says to check this entry, Capitol Loss Carryover worksheet  TY21 Schedule D AMT, I need to enter a number in line 15. It looks like it wants the AMT from year 2021 line 7 and line 15.

1-I assume I get these numbers from the 2021 tax return NOT the 2022 tax return?

2-In addition, do I insert negative sign in front of the number or just the number?

Thanks so much, Bill 

[MarilynG1]

Yes, that's correct; reference your 2021 return for the Capital Loss Carryover amounts.

For a loss, enter a negative number.

Here's more info on How to Enter a Capital Loss Carryover. 

@wchowe 

[Edited 2/22/2024 | 1:21 pm]

[wchowe]

Its not clear what TT is asking for

1-IF its schedule D then there is no AMT numbers to reference? Only the worksheet shows AMT numbers

2-If its the schedule D carryover worksheet then there is no line 15?

I appreciate some clarification as to what TT needs. This seems to be a shortfall of TT that it cant pull the numbers it needs automatically!

Thanks

Bill

[MarilynG1]

There may be no AMT numbers on Schedule D in Lines 7 and 15, which is why TurboTax did not populate them.

It looks like it did populate the next two lines; Schedule D, Line 21 and Form 6251, Line 4.  The entry areas reference Schedule D, not the worksheet. 

Line 7 is Net Short Term Gain/Loss Total; Line 15 is Net Long Term Gain/Loss Total. 

Since we can't see your return in this forum, I can't speak to what amounts are on the worksheet, but generally if you follow the flow of entries and use the Learn More links, you can determine why a number didn't pass from the worksheet onto Schedule D.

Here's detailed info on Capital Loss Carryovers you may find helpful. 

[wchowe]

[wchowe]

You can see from my schedule D there is no line 15, and line 7 is not ST capitol loss? So, what numbers is TT asking for and why cant it find them?

Thanks

Bill

[RobertB4444]

Line 7 and line 15 are references to the actual schedule D NOT the worksheet.  If there were no amounts on those lines in 2021 then you should enter zeroes.

@wchowe 

[wchowe]

Am I not being clear? There is no line 15 on my schedule D, so how do I access line 15s value when it's not on schedule D. 

[VolvoGirl]

That screen shot you posted is NOT Schedule D.  Don't you have the real D?

https://www.irs.gov/pub/irs-pdf/f1040sd.pdf 

[wchowe]

Scroll up further and you will find my schedule D. Thanks for helping 

[CatinaT1]

What you posted is not an actual Schedule D. You posted a worksheet. You need to enter the number from your 2021 Schedule D. 

[wchowe]

So, If you go to the original question that TT asked me. It says to enter "Capitol Loss Carryover worksheet  TY21 Schedule D AMT, enter a number in line 15." It specifically asks for the carryover worksheet, which doesn't have a line 15. 

My confusion is, does it want line 15 from Schedule D to use as the AMT? Its the only thing I can see as a possible answer. I think the verbiage is not the best. Line 15 from my 2021 Schedule D is -2,465 and line 7 would be -9,326. It asked for line 7 also.

Thanks, let me know what you folks think. 

Bill

[CatinaT1]

You are entering this on the Capital Loss Carryover Worksheet, but it is specifically asking for the information from your Sch D. 

Your screen shot is the worksheet. It is asking for the information from Sch D to complete the worksheet.

[wchowe]

Hi Catina

TT software says to check this entry, Capitol Loss Carryover worksheet  TY21 Schedule D AMT, I need to enter a number in line 15.

The more I look at this I think its not asking for schedule D but Schedule D AMT. Do you agree, I mean thats exactly what its saying. My TY21 Schedule D AMT is below. It seems to make sense to me. 

[CatinaT1 · Accepted solution]

Yes, use the number from this form. Not everyone has an AMT Sch D, so if you have one, yes, use the numbers from that.