TT not able to calculate Capital Loss carryover correctly and it is not offsetting my gain for this year

[NatureLover1]

Hello,

I am using TT Premier online for my tax.  I have capital loss from previous year  (2023) but when I entered the capital gain for this year, I notice that the capital loss carry over  isn't offsetting my capital gain from 2024.  Is there a bug with TT premier version?

Note:

1. The capital loss carry over is much more than the capital gain so it is not that I have used all of them.

2. I have double checked all the income, loss etc. to make sure the numbers are correct

Thank you for your help.

[DavidD66]

Perhaps your capital loss carryover didn't transfer to 2024.  To verify your capital loss information, including your carryover open your return in TurboTax, Click on Search, and type in "capital loss carryover", and then click on "Jump to capital loss carryover" in the search results.  The first screen will show your 2023 capital gains and losses.  The next screen will show your capital loss carryover information.  If anything is missing or incorrect you can correct it/add it by clicking on edit on the first screen.

[NatureLover1]

Hi David,

Thank you for your reply.  I tried what you suggested and the

1.  The Capital Loss Carry over from 2023 is there and correct. 

2.  The All capital losses used in 2024 is there and also correct. 

3.  And Remaining losses carried forward to 2025 is also correct.

Everything looks normal.  I am  not sure why  the capital loss carry over  that I applied doesn't reflect correctly in the  amount of the Federal Tax Due on the top left corner.  It is saying that I owe over 14 thousands dollars for my Federal Tax.     

Note: Before I downloaded the stock trades  form1098 B from my brokerage into TT,  I had about 4 K in Refund.  As soon as I downloaded  the 1098 B form into TT,  my refund became Tax Due of 14K.   I have more than enough short term capital loss carry over from 2023 to offset the gain I made with my short term gain in my stock trading for 2024.  So, I don't understand why it didn't offset my gain and resulted showing that I owe taxes?

Another thing is I input the same information with another tax company to see if I get the same result.   Sure enough, I didn't.  Instead of Tax Due,  I got Tax Refund .    I have been with TT for at least 25 years so I would like to continue to use it but I am not sure how to fix this problem.  Is there some kind of bug in the software that causes this?  Thank you in advance for your help.

[ThomasM125]

You would have to look at your schedule D and see what is missing. The short-term gains/losses would be reported in Part I, the long-term in Part II. The loss carryovers would be on line 6 and 14. If anything looks wrong, you would have to investigate the source of entries in that section. It's possible that one or more of the investment sale entries in 2024 are incorrect.

[mdboxberger9]

I too have this problem - it used the capital loss carryforward on my federal, but not my california return.

[mdboxberger9]

Same problem for me with TurboTax - talk about a rude surprise!!!

[jdavis68]

Thank you!