Turbotax 2019 not transferring capital loss carryover from 2018

[shamrock66]

TurboTax.  Quit beating around the bush and fix the **bleep** problem. How many users of your software aren't speaking out here and just assuming your software is working. Fix it!

[Critter-3]

This is just a user forum here ... we cannot change anything in the program ...

Please use the following link to contact Customer Support for further assistance.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

[VolvoGirl]

Maybe it did transfer it but you can't tell because it's not affecting your return or showing anywhere.  Here's my notes.  They might help someone follow the Capital Loss Carryover 

The current year carryover loss from the prior year is on schedule D line 6 & 14.

On the income page The 2019 column shows the carryover to 2020 (not your current loss for 2019).  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.

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

If you have a negative AGI or negative taxable income it will show up on 1040  BUT it won't reduce the carryover to the next year.

[lyonden]

I totally agree. IN fact, it isn't bringing up any of my personal info and even said I filed my taxes with someone else last year, which I didn't. I have used them for years but I think that may be changing next year. The locals are very good and by the time you pay for states and then electronic filing you don't save anything and may miss something that they will see and Turbotax doesn't. Mike Lyon

[VolvoGirl]

Turbo Tax wouldn't know or tell you if you filed somewhere else last year.  It's common to end up with multiple accounts. First LOG OUT of whatever TurboTax account you're logged into right now. Then use this TurboTax account recovery website to get a list of user ID's for an email address. Run the tool against any email addresses you may have used
https://myturbotax.intuit.com/account-recovery/

If you used the Desktop CD/Download program then the only copy is on your computer and not saved or stored online.

You can also request a transcript from the IRS
https://www.irs.gov/individuals/get-transcript

[cjssr]

That was my experience too. The instructions Turbotax gives for capitol loss carryovers does not work.

[Curious13]

I have this issue with my 2019 taxes that became apparent when I entered my 2020 information. The question I have is do I have to refile my 2019 taxes to allow carryover to the tax year 2020?   I

[royselinger]

Yes, I think you should amend and re-file both the FED and State returns to fix the incorrect carryover.

Unfortunately, you must file manually and now with a mailed hardcopy printout.

Turbotax should admit the problem which I think is universal.

[DanielB11]

It still doesn't work for 2020 taxes.  I just can't believe that these TT forum 'experts' totally ignore the question because they are not bothering to read it fully.  It is really clear to me what the question is and I am definitely not an expert.  Folks the problem is that TT is NOT IMPORTING THE CARRYOVER FROM THE PREVIOUS YEAR AUTOMATICALLY LIKE IT IS SUPPOSED TO DO.  WE KNOW YOU CAN ENTER IT MANUALLY!!! Some might not know how to do it but WE SHOULDN'T HAVE TO.  Entering it manually is a real pain which requires not only digging up the info that TT has had for YEARS but more importantly it also the knowledge of what meets the rules and what doesn't.  It seem to me that TT doesn't know what meets the criteria either because it isn't carrying the losses over.  That's the problem - we bought TT because Intuit says that it will handle this automatically and correctly so we won't need an accountant to do our taxes.  It is a lie because TT is NOT populating the carry over from the previous YEARS. Obviously Intuit knows this is an issue but doesn't know how to fix it

If TT cannot get that right over and over again every year for years how can I trust the accuracy of the complete TT program??? What else is Intuit/TT screwing up on?? Are we going to end up in prison or bankrupt paying penalties and fees because TT miscalculated and we didn't pay enough or just poorer because TT has us paying more in taxes than we have to.  Or poorer because we believed the marketing misinformation and trusted Intuit/TT and now have to hire an accountant to go through the last five or more years of our tax returns??? 

I know . . . for a fee Intuit will 'audit' you return to catch what you missed (i.e. TT messed up).  That is like paying the incompetent mechanic to show you how to fix your car after he tried to repair it and screwed it up worse.  Actually in this situation  it would be more like an automobile manufacturer charging you to fix your own car . . . the car that you just bought from them that didn't run properly to begin with. 

Personally I originally assumed that if the carry over is not populated it meant the TT calculated it and I didn't meet the criteria in my situation so there was no carry over for me to take advantage of.   Now from what I am learning trusting Intuit/TT is going to cost me even more money to straighten it all out.  

I fear that maybe this is just another software company that sells buggy programs and you get the right to pay them to fix their mistakes.  If not in dollars it will be in hours and hours of your precious time and effort. 

How do I know this?  I may not know much about tax preparation but I do know about tech support and software.  I used to work in tech support for a few software companies over the years that sold major applications to fortune 500 companies and the like and that is what they did - charge the customer to straighten out the bugs in the 'latest and greatest' new versions of the applications they just bought.  Of course if YOUR time is worth nothing (as they feel) then it doesn't cost you that much. 

I got way off point.  I hate doing my taxes and I hate getting stuck with applications that don't do what they are supposed to do.  Thanks for letting me vent.

One more thing . . . before I forget . . . if you are a forum expert that doesn't provide an answer to the QUESTION THAT WAS ASKED; you probably don't want to be adding tag lines asking to click on any 'thanks' or 'best answer' stuff.   

uh . . seriously???? "Your post has been changed because invalid HTML was found in the message body. The invalid HTML has been removed. Please review the message and submit the message when you are satisfied."  There is no HTML in my post.

[DaveF1006]

It depends. For the time it took for you to lodge this complaint, in a fraction of that time, you could just as easily enter this information in your program. 

1. Log or open Turbo Tax
2. Go to federal>wages and income>investment income>capital loss carryover>start
3. Here you can enter the carryover.

[shamrock66]

That's not the point.  The software should not count on you to fix its shortcomings.  If you don't know to look for it (and any other flaws in the software) then you might miss it which will cause issues either on the current or future returns. 

This is actually the second issue I had with this area of the software.  The first was several years ago when I was earning tax credits for low-income housing investment.  In one of the years I didn't earn any credits.  The TT software said that I could use $7,000 in credits.  That was true, but I hadn't earned any new credits that year.  The software proceeded to tell me that the carry-forward credit was what I had coming plus the $7,000. After much back and forth, I reported the TT statement to the IRS along with how it should have worked.  TT's statement was "we stand by our program".   I guess I should have just taken (i.e. stolen) the tax credit from the IRS.

[DanielB11]

LOL Once again . . . another 'expert' chimes in yet misses the whole point AND thinks that everyone using TT knows or has the loss carry over from previous year or years at hand so they can enter it in less time it take to enter a remark in this forum.  . . . and asks for a thanks or best answer status. 

Being they're an employee they should be working on FIXING THE PROBLEM.

[Anonymous]

This is bull**bleep**. Have been wanting to switch due to state fees but assumed not worth the hassle for such prior year imports/autofill. 

Will TT pay for amended returns for all that are affected or do we need to take them to court?

[CC248]

I was not even aware that TT was not transferring my Federal Capital Loss to the California return until  just this year.  I usually just to to forms but the only way to enter this carry-over is to go through the interview.  Apparently, this glitch has occurred in the past 3 years as well,  resulting in my overpaying California tax all this time.  Not good. 

[nextleesa]

Its now 2022 and this is still not fixed. As a software consultant, and product owner, transferring the previous year information is a time-saver to the end user (the person who purchased and is using this software). Why, oh why, is this still a manual process? Totally not user friendly to have to go find the information and manually enter it. Last year I will ever use TurboTax as it becomes harder and harder to use easily!