Loss carryovers are not transferring to 2025

[jgdemeritt]

For the second year in a row, my prior year loss carryovers did not transfer to my current year return and I had to reenter it.  I tried to find a box to click or something on the capital loss carryover worksheet and did not see anything there that would trigger that.  So, it appears this is a repetitive failure with the software and I think its pretty risky for those that aren't paying attention.  I estimate my taxes on Excel and reconcile it to TT, so I caught it when the tax calculations were off in TT compared to my Excel file.  I am have the TT Desktop Premier version for 2024 and 2025.  

[DianeW777]

The loss carryovers should always be a figure to confirm each year and if necessary, enter it in your current tax return. An amended return or a change by the IRS could change the number and TurboTax may not have the actual number. 

There is an entry for this in your current year tax return which you may have done based on your information. I will place them here for reference.

• How do I enter my capital loss carryover?

[jgdemeritt]

Although I appreciate the advice, my real question is why did the software stop carrying this information over via the transfer of the prior year return.  Yes, it should be checked every year, but the software should at least carry over what it had for the prior year like it used to.  I'm sure a very high percentage of people do not file amended returns, and those that might can use TT for that too.  I think the taxpayer is at risk of losing or misrepresenting loss carryforwards if they aren't paying attention.  Then you're filing something that when fixed might not track to a prior year return carryforward if you use TT.  It's just basic stuff to me and it wasn't like this before.  

[pamtsai]

Turbotax, please fix this bug ASAP.

[DianeW777]

Please clarify where you see the loss and the specific loss you are referring to.  Please provide a copy of your 2024 using he information below if you would like us to review further. We need to know your state also.

If you would like to send us a “diagnostic” file that has your “numbers” but not your personal information it would help.  If you would like to do this, here are the instructions:  (Don't forget to give us the state)

TurboTax Online:

Open your return -Go to the menu panel on the left side of your return and select Tax Tools. 

1. Then select Tools below Tax Tools.
2. A window will pop up which says Tools Center.  
3. On this screen, select Share my file with Agent.
4. You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number.
5. Reply to this thread with your Token number and your state. This will allow us to open a copy of your return without seeing any personal information.

TurboTax Desktop:

If you like, you can send a copy of your return that will be scrubbed to eliminate your personal data by using these steps:

1. Click on Online in the top left menu of TurboTax Desktop for Windows
2. Select 'Send Tax File to Agent'* > Follow the prompts to reach the token number.
   • Enter your email used for TurboTax > Enter your code > Send
3. Write down or send an image of your token number and state then place in this issue.
4. We can then review your exact scenario for a solution.
5. Please also tell us any states included in the return. This is necessary for us to view the return.
   • *If using a MAC, go to the menu at the top of the screen, select Help, then, 'Send Tax File to Agent')

We will be able to see exactly what you are seeing and we can determine what exactly is going on in your return to provide you with a resolution.

@pamtsai 

[pamtsai]

Below are the details I encountered while I was using Turbotax for 2025 Tax year.

At Investment income "Capital Loss Carryover", TT asked me to enter my capital gains and losses info of  tax year 2024.   After all my info were entered with AMT allowable loss -$650 from year 2024, clicked Continue button.  "Here are your capital loss carryover amounts" screen "Capital loss carryover from 2024" column shows Total $0.00 instead of -$650.   

[pamtsai]

Steps followed but the end result of carryover Total shown at the screen is $0.00 instead of the correct amount entered.

[sannain]

I am facing the same issue. Were you able to resolve it?

[jgdemeritt]

Yes, I use a downloaded Premier version of TT for a Windows 11 PC. I fixed this by opening the tax return and clicking on the View drop down and selecting Forms. Then went to the Cap Ls Carryovr form and entered the correct loss carryover information in the box at the top of the form called “2024 Capital Loss Information Smart Worksheet”. This worked for the federal return fine. I file in MA, which has different carryover rules where only the max deduction is $2,000 compared to $3,000 on the federal. The MA carryover calculated fine and I didn’t have to do anything on that for some reason. I hope this is helpful.