How to take more of the capital loss than 3000 in the current year to increase my refund?

[fisherman1]

I had capital gains loss in 2016 of greater than 3000.  The program limits my loss to 3000 in this year and carries over the rest.  I want to carry over enough so that my refund is larger for this year.  How do I do that?

[MichaelMc]

TurboTax is not limiting your capital loss deduction. That limit is a long-standing element of tax law. Capital losses offset capital gains, then $3,000 of the excess capital loss can be deducted in any given tax year. The remaining loss is carried forward until it is used completely.

For more information, please see IRS Pub. 17 Your Federal Income Tax, page 117.

[rarowcav]

I just filed my taxes and was unfortunate enough to have lost +3,000 and it showed as a -$3X,XXX capitol loss but on my final deduction total, it did not give me the $3,000? Can I amend this to get my $3,000?? Thank you!

[BillM223]

Your capital loss carried over from the previous year should have appeared in line 7 on the 1040, and probably on line 14 of Schedule D.

Are you saying that amount was not in these places?

[rarowcav]

Thank you for getting back to me - I will have to look to see.

I did not get three thousand dollars back on my cap losses though so I doubt it was there.

Should I redo my return? I got about 3,000 back total - but when I entered this cap loss, it didnt add 3,000 to my return...

[JulieS]

No, you don't need to re-do your return, just check to see that the loss shows on your return.

The $3000 allowed amount of capital loss is a deduction, it is not a credit. That means your taxable income is $3000 less, not that you are going to get a refund of $3000.

As @BillM223 stated, you should see -$3000 on line 7 of your Form 1040. If the loss is there, you don't need to do anything else. 

[rarowcav]

Ah, that definitely answers my inquiry!! You're awesome.

I will be sure to check on whether this was reported - truly appreciate you taking the time and explaining this to me!!