the capital loss carryover from last year

[abtb00]

My capital loss carryover from last year simply gets added to my capital loss of this year correct ? (and yes everything is below 3K, I know about that, no need to mention that)

If I do not change software, I guess the software knows that I have a this carryover form last year right? But if I change software I need to tell it to the software myself correct? And which tax form and what line I will enter this capital loss carryover form last year?

[tagteam · Accepted solution]

If you prepared your 2021 return with a 2021 version of TurboTax, your carryover should transfer to the 2022 version (as is the case with most DIY tax preparation software).

If you change software, you will almost certainly have to enter the carryover manually and can use the worksheet below for that purpose.

[abtb00]

so the capital loss carryover can combine apples to apples with my this years capital loss right? and what line on this sheet you showed I will enter the capital loss carryover from last year?

But my capital loss plus carryover will be consumed by my income this year entirely. in that case is this form still attached / used?

[Critter-3]

so the capital loss carryover can combine apples to apples with my this years capital loss right? and what line on this sheet you showed I will enter the capital loss carryover from last year?   ALL cap losses & gains from the prior tax year + the current are netted out on the Sch D.

But my capital loss plus carryover will be consumed by my income this year entirely. in that case is this form still attached / used?  The carryover amount  is transferred to the current year Sch D and if it is totally consumed there will be no loss to carry forward.   The worksheet you were shown in the other answer was so that you know where to find the prior year carryover loss if you have to go looking for it ... it was for informational purposes only and is not attached to the new year's return.

[VolvoGirl]

You get to 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 take a max loss of 3,000 (1,500 MFS)per year.  Turbo Tax does all the calculations for you.  Just enter the prior year carryover amount.

On the income page The 2022 column shows the carryover to 2023 (not your current loss for 2022).  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.

I don't understand.......carryover will be consumed by my income this year entirely....?  You mean your total income or just the gains?

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.

[Mike9241]

Turbotax will do the transfer of the c/o despite the version but if you go from desktop to online or vice versa make sure the tax file XXX.tax2021 is available so the info transfers. if you use a different brand then it's up to you to enter it in the correct form.