Why doesn't my tax-owed change when I enter a stock sale? The sale had $6000+ of gains. My income is over $150,000.

[dgday52]

So I'm trying to get an estimate for how  a 2020 stock sale will affect my return next year by entering it in the 2019 version of my tax return. My 2019 return has been filed and processed by the IRS/NYS. No change occurs when I enter it, even if I cause an outrageous gain to be calculated. Why doesn't it change?

[VolvoGirl]

First of all you should not be testing in your real online return. Everything you do gets saved.  It will overwrite your real return. You can set up a new account to test in.  You don't have to pay unless you want to print it.

You can use the same email address for 5 accounts.   How to start another return in the Online version

https://ttlc.intuit.com/community/using-turbotax/help/how-do-i-start-another-return-in-turbotax-onli...

Or you should use the Desktop CD/Download program.  It can do more than 1 return.  It has a What-If worksheet.  You can copy your return to test in and has many other features and advantages over the online version.

[VolvoGirl]

Did you have a lot of losses in 2019 or a Capital Loss Carryover from 2018?  The gain may still be netting against the losses and just reducing the carryover loss to next year year.

[dgday52]

I am using the 2019  desktop version of TT. I am using a copy of the TT file.

[dgday52]

I do have a lot of capital loss carry over. Hadn't thought whether that is the reason.

I guess that is the reason- when I enter a sale amount that causes the carry-over amount to be exceeded, the amount owed does change.

[VolvoGirl]

Yep.  You 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 only take a max loss of 3,000 (1,500 MFS)per year. 

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.

[TomYoung]

If you are using a desktop version of TurboTax then there's no "wondering" involved.  Look at the forms!  Schedule D should tell you everything you need to know in this case.