What worksheet calculates the ABCA Loss Carried Forward? I don't have a business or recall ever carrying forward losses?

[Kgirl58]

It says I have $40k to carryover to 2024.

[DianeW777]

It depends.  If you sold any investments and there was an overall loss, then you are limited to a maximum loss of $3,000 that can be used to reduce all other types of income on your tax return.  Any loss unable to be used is carried over.

• Capital Gains and Losses

If you did not sell any investments, then you may need to provide additional information for us to help you.

[Kgirl58]

Thanks.  I didn't sell any investments.

I cashed a US Savings bond, but that is 1099-INT.

I haven't been part of a business since 2009, so if the carryover goes that far back shouldn't there be a worksheet explaining that?  I would like to review the worksheets and forms before filing but only see the option to delete them.  I don't want to delete something I can't even see.

[JohnB5677]

Business losses can be carried forward for up to 20 years,  So a 2009 business is still in the game. 

Excess business losses that are disallowed for the current year are treated as a net operating loss carryover to the following taxable year. See Form 461 and instructions for details.

You do have the TurboTax Live feature.

When you need help from a tax expert, just select the “Live Help” button, and we'll connect you. 

You can discuss your questions over the phone, via live chat, or via one-way video on your screen.

[Kgirl58]

Helpful...thanks!!