I have an investment loss for year 2021, but the entire amount is getting carried over to 2022. Why is there not any deduction for year 2021?

[nonia22]

I have a positive income from my other businesses, and the net income amount is $10k . I thought the loss should at least overset some income?

[VolvoGirl]

You don't have -3,000 on line 7?  What is the total net loss?

If you have a negative AGI or negative taxable income read Pub 550 page 66 and 67 on Figuring your Carryover.  So even though it shows it on 1040 it doesn't reduce the carryover to the next year.

http://www.irs.gov/pub/irs-pdf/p550.pdf

You can see it on the Carryover Worksheet. There is a Capital Loss 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.

In the Online version you have to save your return with all the worksheet as a pdf file to your computer to see the Capital Loss Carry Over and Carry Forward worksheets.

In the Desktop program you can go to Forms and find it in the list in the left column

[nonia22]

No, the software shows there is only a $1400sth deduction, but the actual loss is 20k+.

[VolvoGirl]

You only have -1,400 on line 7?   What is your filing status?  Are you Single or Married filing Separate?  And it's showing the full 20,000+ loss as the carryover?

Did you check out that IRS pub and the worksheets I mentioned?

[nonia22]

line 7 shows the big net amount I lost. my filing status is single. and on line 21 there is a -3000. But what I don't understand is that my tax due did not change, after I put in all the numbers. And on the step-by-step page, the entire amount is listed as capital loss carryover