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chia
Returning Member

carryover capital loss

 
 How is capital loss carryover handled in Fed tax and California state tax? I have capital loss carryover from 2021 at $8373.    I have a capital loss $2057 in 2022.  Looks like the capital loss carryover has no use for 2022 tax.  I'd think  the 2022 loss be added to the carryover to make the accumulative carryover   to $10,430 in 2022, at least for fed tax, correct?  Where can I  find the capital loss carryover for 2022?      For CA tax, I see the carryover loss of 3000 is used but it made the carryover  for 2022 to $7430 (=[removed]), in California Capital Loss Carryover Worksheet.  
 How does this work?  
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1 Reply
TeriH
Employee Tax Expert

carryover capital loss

Carryovers can be confusing. 

 

If in 2021 you had a capital loss carry-forward of $8,373 and in 2022 $2,057, that's a total capital loss of $10,430.  In 2022, you would be able to use $3,000 of it as a capital loss.  It would appear on your 1040 line 7.   Therefore you carryforward is $7,430  ($10,430 - $3,000).   In TurboTax, if you go to Tax Tools, Print Center, you can print your return with all schedules and worksheets.  There you will see your carryforward amount on the Federal Carryover Worksheet. 

California would have the same amount for the carryforward.

Next year when you do your taxes, Turbotax, will automatically pull that amount forward.

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