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Level 1
posted Jul 12, 2020 5:02:52 PM

TurboTax did my taxes last year. This year I'm asked "Do you have any capital losses carried over from 2018"? Why does it have to ask? TurboTax has my 2018 return.

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2 Replies
Expert Alumni
Jul 12, 2020 5:18:01 PM

Everyone gets that question. Some people did not use TurboTax in 2018, so the software incorporates that question in order to ensure that the capital loss carryovers get included. 

New Member
Jul 12, 2020 6:02:00 PM

I used TurboTax last year as well and I was asked that question. I think the program has been set up to require user input in making a proactive decision about how you want to handle previous year carryovers because there are more ways than one to deal with them. There may be limits on how much can be carried over and it may require several years, depending on your AGI for the current year, which may have changed from last year. Many variables and the program cannot make decisions or assumptions if there is more than one way it can be handled. I hope that is correct and that it is helpful.