Where the data original come from if I have a number with line 6 on Sch D?

[csdl2024]

Sch D line 6 is about short term capital loss carryover.  As it is know that capital loss carryover max amount is $3000. However, mine is (28,362). It is indicated that the data come from line 8 of my capital loss carryover worksheet.  

I have two questions related to line 6 on Sch D: 

1. I can't find capital loss carryover worksheet under TurboTax Form. 

2. Max carryover loss is 3000. How come my line 6 shows loss of 28,362? 

[VolvoGirl]

That is the carryover from last year that wasn't used on your prior return (after taking the 3,000 on 2022).  You should be able to find the carryover worksheets in your Forms.  

There is 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.

If you have a net loss for the year (after you subtract the losses from your gains) you can deduct up to 3,000 (1,500 MFS) per year. The rest of the loss you have to carry over each year until it is used up. You can't skip a year. If you use Turbo Tax it will automatically carry over the loss for you.

[VolvoGirl]

Here is the IRS  Schedule D instructions.  The Carryover worksheet is on page 11

https://www.irs.gov/pub/irs-pdf/i1040sd.pdf 

But Turbo Tax has the worksheets too.  Go to Open Form and type Carryover and it should find it.  How did you get a 2022 amount?  When you started 2023 return did you Transfer from a 2022 return?  Or you would have needed to manually enter the prior year carryover amounts.  

[csdl2024]

Thank you for your quick input. 

[VolvoGirl]

Yes.  Oh first of all you need to delete or cover up your personal info like names, address and ssn on your screen shots.  This is a public user forum and the whole world can see everything and steal your info to scam you, etc.  It is not safe.  It is posted on your screen shot.   

You have a $28,362 loss carried over from 2022.   That was left after taking the 3,000 max loss on your 2022 tax return.  Now if you have a lot of current gains you can use up more of the loss.  Then after applying the prior loss to your current gains you can only deduct 3,000.  

[VolvoGirl]

And you need to look at the actual Schedule D carryover worksheet, not the one you posted.  By the way I'm using the 2021 program to make my screenshots so the years will say 2020 and 2021.

[VolvoGirl]

Open Schedule D.  At the bottom are some quick zoom buttons to jump to the Capital Loss Carryover worksheets.   One for the carryover on your 2023 return  and one for the new carryover to 2024.  

[rjs]

@csdl2024 

You cannot use TurboTax to prepare tax returns for clients. TurboTax is only for do-it-yourself consumer use and cannot be used by paid preparers. Intuit (the company that makes TurboTax) has three tax software product lines for professional preparers: ProSeries, Lacerte, and ProConnect. You can find information about all three product lines at the following link.

Professional tax software for preparers

[csdl2024]

Is there any personal information disclosed with the picture? I did not find any such info with the screenshot. 

[VolvoGirl]

Yes.  Right under where it says Federal Carryover Worksheet page 2           2023.  It gives your name and the ssn on the right side.