My new MacBook with the M2 chip and the Monterey OS will not recognized any of my Turbotax data (from the turbotax downloads ) from 2017 to 2021. I transferred those previous programs and data from an external hard drive from my previous 10 year old Mac. There is no app on the new machine that can recognize the data or open a previous tax return.
At this point, all I really care about is getting my previous Capital Loss Carryover over to the Turbo tax 2022 software when it's time to do the taxes in March. I have just about had it with the downloads and new apple software changes, so I was thinking of getting the online versions with all subsequent tax years . The online version will NOT recognize any data from the downloaded versions . I know this from previous experience. With the online cloud version, what must be done to get the number of the capitol loss carryover on to the software manually ? If there is also an EZ way of getting an app to pull up my previous downloaded tax returns without buying the newest turbo tax product for 2022, I would be grateful to hear this.
Are you using the Online version? You can transfer from the prior year that's on your computer. That should work. You need to have the file ending in .tax2021 to transfer into 2022.
To move from your old computer. You can't transfer programs. They need to be installed. You should be able to install the prior years and open the prior years returns. What happens? If you are getting an error opening the prior year.....After you get the program reinstalled the first thing to do before you open your tax return is to update the program and install any state programs you had. Then open your file. So you first might need to start a fake return to be able to download the state program (go to FILE - NEW). Enter some basic information, then go to the state tab and download the state program. Then try to open your existing return, go to FILE - OPEN
But to enter the carryover loss....
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 Start or Revisit
If you use Turbo Tax next year the Capital Loss Carryover will transfer over. Or you will have to manually enter the amount.