switching from MFJ to MFS - how to amend 2023 Capital Loss Carryover on both returns with TurboTax Premier 2024

Forum|Forum|1 year ago
March 11, 2025
1 reply
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Hi, wife and I decided to switch from Married Filing Jointly (“MFJ”) to Married Filing Separately (“MFS”) for Tax Year 2024. Our 2023 MFJ return showed a Loss Carry Over balance of $30k from our jointly owned investment account (registered in both names). How do we split/allocate this $30k evenly to our new MFS returns? My MFS return is a rollover/transfer from 2023’s MFJ file. Wife’s MFS return is a newly created return. Kindly advise how I can manually reduce $15k of Loss Carry Over on my return and input the same $15k to my wife’s return. TIA

After reading prior community posts, I searched Capital Loss Carryover on TurboTax Assistant. Clicked on prompt “Add/edit capital loss carryover info” and hype-linked to an Investment screen “Info from your 2023 tax return” with 8 amounts (Net short-term capital gain/loss, Net long-term capital gain/loss, Allowable loss, Income before exemptions, Net AMT short-term capital gain/loss, Net AMT long-term capital gain/loss, AMT allowable loss, AMT taxable income).

To do a manual transfer - is it just a simple edit (divide by 2) of the above 8 amounts on my 2024 return and then input the balancing differences to my wife’s 2024 return?

Also am I approaching this MFJ to MFS switch correctly on TurboTax?

Thanks again for your time and assistance. Much appreciated!

Mike9241

Level 15

split 50/50

Mike9241

bearchris19Author

Level 2

good evening Mike9241, thanks for your msg ... i am aware it's a 50/50 split between the 2 MFS returns ... i need to know how to go about to amend the $30k currently on my MFS return down to $15k - do I just edit all 8 figures with a 50/50 split? TIA

BillM223

Level 15

Thank you again.

When you file the withdrawal of excess contributions request with the HSA custodian, the HSA custodian will send you a check for that amount. Since it will be added to your Other Income when you go through the HSA interview and tell TurboTax that you never had HDHP coverage, you will not only have the money, but you will have paid tax on it, too.

So if your employer removes the money from your paycheck, you will be left short, because they will take the $2,500 but leave you paying tax on that.

So tell your employer that you are OK. Please do not take any money out of my paychecks. The $2,500 will be added to my income and I will pay tax on it, and everything will be good. This also means that they don't need to make a corrected W-2. You need that code W in box 12 to trigger what's going to happen in the HSA interview.

Steps 4, 5, and 6 are fine.

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