We are filing joint return for the first time in 2023. I have imported my 2022 tax return and have all my capital loss info. I understand from previous posts that I need to manually add my spouses info. I have TT for Home and Business and the first prompt is to review the info from my 2022 tax return. It shows my Schedule D data for net short-term (Sch D, line 7), net long term (Sch D, line 15), allowable loss (Sch D, line 21) and Taxable Income.
Am I supposed to update these numbers by adding my spouses 2022 data? Will it then calculate our combined loss info and carry forward? It seems like if I do this a lot of other forms will need to get updated.
Thx.
You do need to combine your two capital loss carryovers and add them into TurboTax. It shouldn't affect other forms though, as on schedule D there are just two line entries for your previous year carryovers, line 6 for short term and line 14 for long term capital loss carryover.