I am doing the 2020 return for a trust using TurboTax Business. Last year (2019) the return was complicated due to real estate transactions, and we hired an accountant to do the return. Bottom line was a capital loss on the real estate sale that was not distributed on K-1s. The accountant said this amount would continue to carried over and not distributed until the trust is closed. How do I enter this capital loss amount in TurboTax Business 2020? TurboTax online help is not helpful, so any help will be appreciated.
Thanks!
Dan
Click the Federal Taxes tab, click Income, and then click the Start button to the right of Capital Loss Carryover.
Perfect! So very simple - amazing that automated TurboTax Support couldn't even get me close.
Thank you so much!
Dan
This does not work.
There is no such button.
Turbotax Business 2021 (downloadable for PC) does not have a Capital Loss Carryover button under Federal Taxes > Income.
@numberforecast wrote:
This does not work.
There is no such button.Turbotax Business 2021 (downloadable for PC) does not have a Capital Loss Carryover button under Federal Taxes > Income.
Please read the original post in this thread; it concerns preparing a return for a trust.
If you are preparing another type of return, you probably will not see that button and this thread is not relevant for preparing your return.
Thank you so much tagteam!
Yes - I see the button. Your screenshot was very helpful!!
Now, how do I make the button appear?
I'm preparing a tax return for a business.
Cheers in advance.
We're using Turbotax Business on a PC, for an S Corporation.
This is the 1st year we're using it, so there's no carryover from last year.