Incorrect software data for capital loss carryover?

[rcialone]

I had a capital loss carryover in the amount of $2,000 from 2023.  After starting my 2024 (Premier) TurboTax program, when it came to the carryover section, the program indicated that the carryover for 2024 is zero, and the $2,000 would be applied to 2025.

Why would it do that?  I want the carryover applied to my 2024 return.

[Opus 17 · Accepted solution]

Have you added your wages?  Some of the calculations don't work until you have added wages, other income, etc. so that you have a tax liability.

Alternately, that function is not currently working, and will be fixed in a later update.  The program is usually not approved to file a return until January 7 or so and requires at least one update. 

[VolvoGirl · Accepted solution]

Yes it is too early to calculate the carryover right.  You need to enter all your income because you need taxable income to use the carryover loss.  If you have a negative AGI or negative taxable income it will show up on the 1040 BUT it won't use the carryover and carry over the whole amount to the next year.

[rcialone]

Thank you.  You're right.  I wasn't able to enter any income using the Easy Step method.  After realizing that, I entered some of my income numbers manually and then I saw the carryover deduction entered on line 7 of the 1040.

[rcialone]

Thank you.  Yes, I see that now.  I did end up entering some of my income manually and then noticed the deduction showed up on the 1040.