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New Member
posted Mar 2, 2025 9:29:05 AM

Federal Gains/loss from schedule D not matching with State gains/loss

Hi all,

I have a situation as follows for Gain/loss

1> Total gain in stock market = 10,000 

2>Loss carryover from prior year = 7000

so my current year gains after taking loss carry over into account is 3000

But when this transferred to AL -State, it shows me 10000 as gain instead of 3000. Is this correct? I was expecting my gains for this year is 3000, then why it didn't take into account prior year carryover loss?

Thanks for looking into my question and hoping to get answer.

Nitin

 

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1 Replies
Expert Alumni
Mar 8, 2025 7:36:15 PM

AL did not limit your loss last year so you have nothing to carry over. AL allows you to take the full loss.