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Level 2
September 25, 2024
Question

Carryovers from previous returns

  • September 25, 2024
  • 3 replies
  • 24 views

A CPA filed our last years returns. How do I include carryovers from previous years for this year, as we'll be receiving refunds?

 

    3 replies

    Level 15
    September 27, 2024
    VolvoGirl
    Level 15
    September 27, 2024

    Enter a Capital Loss Carryover under

    Federal Taxes or Personal (Home & Business)

    Wages and Income

    Then scroll down to Investment Income

    Capital Loss Carryovers - Click the Start or Update button

    You enter the full amount that carried over, not just the 3,000

     

    The 3,000 is just the max loss you can claim each year AFTER offsetting any gains you have.  So you might use more of it up in one year.  

    Look at your2022 tax return.  Do you have all the backup worksheets?  

    To find your Capital Loss Carryover amount you need to look at your return schedule D page 2.  Line 16 will be your total loss and line 21 should be a max loss of 3,000.  The difference between line 16 and 21 is the carryover loss for next year.

     

    And if you have a negative AGI or negative taxable income it will show up on 1040  BUT it won't reduce the carryover to the next year.

     

    There could be a Carryover Worksheet showing the carryover from the prior year and the current amounts.  Then there is also the Capital Loss Carry Forward worksheet showing the amount transferring over to next year.

     

     

    kwallace4
    Employee Tax Expert
    Employee Tax Expert
    September 27, 2024

    There are several places within TurboTax to enter carryover information.  Hopefully a federal carry-over worksheet generated with your prior year return and is included with your total worksheets from the CPA.   Here are some of the more common ones.

     

    • Capital loss carry overs - under wage and income, investment income - section for capital loss carry over.

     

    • Passive Loss Carry Overs (Form 8582) - For rentals, it's in the input section under the summary rental screen. For partnerships/scorps - Wage and Income screen under investment income for k-1s - after the the screen for the various numbered boxes, there is a screen to indicate you have passive loss carry overs.

     

    • At-Risk Loss Carry Overs - Wage and Income screen under investment income for k-1s (Same screen as above).

     

    • Office In Home (OIH) Carry-Over.  Sch C Office in Home input screen. 

     

    • Net Operative Loss (NOL) Carry-Overs. Other Business Tax Situations

     

    • Qualified Business Income (QBI) Carry-Overs. Other Business Tax Situations

     

    • Foreign Tax Credit Carry-overs (Form 1116).  Federal - deductions and credits - estimate and other taxes paid - Foreign taxes

     

    • Charitable Contributions Carry Overs - Deductions and Credits Screen

     

    • AMT Credit Carry Over (form 8801) - Other Tax Situations.

     

    Also don't forget about your accumulated depreciation for any business equipment or rentals.