Turbo tax is carrying over a loss to 2022 but I want it taken this year. How do I fix?

[JillS56]

I am assuming that you have a net loss on your 1040.   The IRS limits how much of a loss can be taken on an individual 1040 capital loss.   You can deduct up to $3,000 in capital losses ($1,500 if you're married filing separately). Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up.   Unless you have current year capital gains in which case the carryover losses on your investments are first used to offset the current year capital gains if any.

What is a Capital loss?

[boomer81612]

If you're talking about negative capital gains (i.e. capital loss) from sales of stocks, etc, you're limited to $300 per year.  Anything over that is carried forward to following years.

[HelenC12]

@emilymorrisson12

Just to clarify, JillS56 is correct and I believe boomer81612 meant "3,000 per year". 

• If you have an overall net capital loss for the year, you can deduct up to $3,000 of that loss against other kinds of income, including your salary and interest income. Click here to read more.