Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Sep 4, 2024 5:26:54 PM

Why do i need to buy their premium product for adding last years capital loss (total was $8500 could avail only 3k) carryover. I want to add 3k this year

Turbo tax is asking me to upgrade and pay extra which is weird

0 3 8377
3 Replies
Level 15
Sep 4, 2024 5:41:07 PM
Level 15
Sep 4, 2024 5:45:26 PM

Yes sorry, you need Online Premium to enter a capital loss carryover or investments.  Or any of the Desktop installed program.  Did you use Turbo Tax last year?

 

If you had a 8,500 net loss last year you could only take a 3,000 max loss on your tax return.  The rest you have to carry over.   You can't skip a year.  You get to first offset the loss against any gains you have each year so that can use more of it up. Then after applying the loss to the current gains if there is still a loss, you can take a max loss of 3,000 per year.   If you use Turbo Tax it will automatically carry over the loss for you. 

 

If it didn’t transfer over from last year then
Enter a Capital Loss Carryover under

Federal Taxes or Personal (Home & Business)

Wages and Income

Then scroll down to Investment Income

Capital Loss Carryovers - Click Start or Revisit

 

 

Level 15
Sep 4, 2024 5:47:38 PM

The capital loss carryover has to be reported on Schedule D, which is not included in Deluxe Online. Schedule D is only included in Premium Online. As an alternative, you can use any edition of the CD/Download TurboTax software instead of TurboTax Online. All editions of the CD/Download software include all of the forms.