Using TT Business for Trust return. 2019 return has capital loss carryover. Where to enter in TT Business 2020?

[dan0460]

I am doing the 2020 return for a trust using TurboTax Business.  Last year (2019) the return was complicated due to real estate transactions, and we hired an accountant to do the return.  Bottom line was a capital loss on the real estate sale that was not distributed on K-1s.  The accountant said this amount would continue to carried over and not distributed until the trust is closed.  How do I enter this capital loss amount in TurboTax Business 2020?  TurboTax online help is not helpful, so any help will be appreciated.

Thanks!

Dan

[Anonymous_ · Accepted solution]

Click the Federal Taxes tab, click Income, and then click the Start button to the right of Capital Loss Carryover.

[dan0460]

Perfect!  So very simple - amazing that automated TurboTax Support couldn't even get me close.

Thank you so much!

Dan

[numberforecast]

This does not work.
There is no such button.

Turbotax Business 2021 (downloadable for PC) does not have a Capital Loss Carryover button under Federal Taxes > Income.

[Anonymous_]

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@numberforecast wrote:

This does not work.
There is no such button.

Turbotax Business 2021 (downloadable for PC) does not have a Capital Loss Carryover button under Federal Taxes > Income.

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Please read the original post in this thread; it concerns preparing a return for a trust.

If you are preparing another type of return, you probably will not see that button and this thread is not relevant for preparing your return.

[numberforecast]

Thank you so much tagteam!

Yes - I see the button. Your screenshot was very helpful!!
Now, how do I make the button appear?
I'm preparing a tax return for a business.
Cheers in advance.

[Anonymous_]

Which type of business and what product are you using?

[numberforecast]

We're using Turbotax Business on a PC, for an S Corporation.

This is the 1st year we're using it, so there's no carryover from last year.

[Anonymous_]

Entities such as S corporations and partnerships pass capital gains (losses) through to their shareholders/partners.