Remaining losses carried forward to 2023 were -$931 after filing 2022 taxes. But now when building 2023 taxes, TurboTax says losses carried over are only -$478.00. Why?

[TaxHelpNeeded4]

The remaining losses carried forward to 2023 were -$931 after filing 2022 taxes.

But now when building 2023 taxes, TurboTax says losses carried over are only -$478.00. Why? What happened to the remaining $453? I made no changes between this time last year when I filed in 2023 for 2022, and now, when I am entering my 2022 taxes in TurboTax.

[MonikaK1]

It depends. Did you have any capital gains for 2022 or 2023 to offset? 

The Capital Loss Carryover Worksheet will calculate the correct amount to use on the 2023 return. It's on Page 11 of the Instructions for Schedule D and is also prepared by TurboTax - see this help article.

If you transferred last year's TurboTax return over and it included the carryover for this year, you shouldn't have to do a thing—the program may already have entered the correct amount for you.

Otherwise, follow these instructions:

1. Sign in to your TurboTax account and open your return by selecting Continue or Pick up where you left off in the progress tracker
2. In the search bar, search for capital loss carryover, and then select the Jump to link in the search results
3. Select Yes on the screen Did you have investment losses you couldn't claim in 2022?*
4. Enter the info about your capital loss on the following screens

*In the alternative, you may see a screen "Here's what we have" showing capital loss amounts already entered in the program. Click Edit if the carryover doesn't appear (you see only zeroes). Enter the information about your capital loss for 2021 following the screen prompts.

See here for another discussion of this issue.

[TaxHelpNeeded4]

Thank you so very much for this reply. It was perfect and exactly what I needed. 💚

[VolvoGirl]

Where are you seeing the 478?   On the income page The 2023 column shows the carryover to 2024 (not your current loss for 2023).  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.

[TaxHelpNeeded4]

Wow thank you, another very good reply. When I first posted my question to this forum, I did not realize that the original $931 in carry forward losses from 2022 to 2023 tax years, that I had a TurboTax snapshot of in my 2023 Tax folder from April 2023, was before an adjustment came through from TD AmeriTrade or Vanguard later that year. This meant I had filed an adjusted tax return and I did not realize or remember that this had affected my 2023 carry-forward losses and brought them down to $478. Which is what TurboTax was telling me it was for this 2023 tax year. Both your method and the prior original answer, resulted in $478 in losses. I did have a PDF version of the 2022 tax return. Thank you both so much. I learnt a lot.