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How do I ensure that TurboTax has taken into consideration my last year's carry loss forward it imported in reducing my taxable income?

Please note I am yet to file my taxes and hence can view the tax return forms and schedules
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How do I ensure that TurboTax has taken into consideration my last year's carry loss forward it imported in reducing my taxable income?

Yes you can view your whole return and you should!  You sh always review your return before you file.

 

To see all the forms you need to pay any fees first with a credit card.

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

 

You get to first offset the loss against any gains you have each year so that can use more of it up.  Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year.  Turbo Tax does all the calculations for you.  Just enter the prior year carryover amount.

 

If you transferred your prior return it should be already filled in.

 

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 the Start or Update button

 

On the income page The 2021 column shows the carryover to 2022 (not your current loss for 2021).  Schedule D doesn't actually show the carryover amount. To find your  Capital Loss Carryover amount  you need to look at your  return schedule D page 2.  Line 16 will be your total loss and line 21 should be a max loss of 3,000.  The difference between line 16 and 21 is the carryover loss for next year.

 

There is also a 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.

 

 

 

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2 Replies

How do I ensure that TurboTax has taken into consideration my last year's carry loss forward it imported in reducing my taxable income?

I mean I can't view my current tax return forms and schedules because I am yet to file my return

How do I ensure that TurboTax has taken into consideration my last year's carry loss forward it imported in reducing my taxable income?

Yes you can view your whole return and you should!  You sh always review your return before you file.

 

To see all the forms you need to pay any fees first with a credit card.

https://ttlc.intuit.com/community/accessing/help/how-do-i-preview-my-turbotax-online-return-before-f...

 

You get to first offset the loss against any gains you have each year so that can use more of it up.  Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year.  Turbo Tax does all the calculations for you.  Just enter the prior year carryover amount.

 

If you transferred your prior return it should be already filled in.

 

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 the Start or Update button

 

On the income page The 2021 column shows the carryover to 2022 (not your current loss for 2021).  Schedule D doesn't actually show the carryover amount. To find your  Capital Loss Carryover amount  you need to look at your  return schedule D page 2.  Line 16 will be your total loss and line 21 should be a max loss of 3,000.  The difference between line 16 and 21 is the carryover loss for next year.

 

There is also a 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.

 

 

 

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