When i review the previous returns i found out the california captical loss carryover amount had never got changes (remains same amount as initial loss amount, say $20,000). does this mean turbotax will not automatically calculate capitcal loss carryover amount for you, but we had to calculate ourselves then enter into CA return manually?
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If your income is low enough that the loss allowed makes no difference to the return then the entire loss is carried forward automatically until it can be useful.
@Critter-3 @Thank you, but the problem is from Federal calculation, I see turbo tax calculate correctly to offset capital gain and using allowances. However the state carry over is never changes with Federal, even federal used up carryover to 0, TT still automatically input initial capital loss there. Does this a TT error that we need to correct by inputting The same amount in federal calculation?
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Yes, called them but customer service seems no clue on this, so I am trying to ask here to see:
1, should I manually input federal amount into California capital loss carryover?
2, does anyone experience same issue?
so here maybe can be more clear that you can see the California carryover somehow is automatically filled of amount of initial loss many years ago, it never got changes even when Federal carryover amount changed or even zero out. so does this a bug in TT that we need to manually input federal amount into California state section?
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