Question

Mistake on schedule D filed by HR block carryover loss

Forum|Forum|7 years ago
June 3, 2019
2 replies
0 views

I filed using turbo tax for my 2014 return, where I reported a short term loss of 4107 and long term loss of 8432 on schedule D. I deducted the 3k for 2014, and my carry over worksheet shows a 1107 short term loss should be carried forward, and 8432 long term loss to be carried forward to 2015. I Used HR block for 2015, where an incorrect amount was placed on the schedule D showing 4107 short term carryover loss from 2014 when it appears it should have been 1107. I took the 3k deduction in 2015. Now my carryover loss worksheet shows 3000 more than it should, and boxes 6 and 7 on the previous schedule D for 2015 has incorrect figures. How would one correct this situation

TurboTax Free Edition Online

MichaelL1

Employee

You can fix the Capital Loss carryover in TurboTax by going to:

To enter or adjust the Capital Loss carryover go to:

Click on Federal Taxes

Click on Wages and Income

Click on I'll choose what I work on

Scroll down to Investments

On Capital Loss carryover click the start or update button

N

NoferTrunnions

I noticed that on last years return (2021)

I went back about 5 years of HR Block returns and discovered while taking the $3k deduction, they were not reducing the capital loss carryover.

This error is so fundamental it makes one wonder what else they've gotten wrong.

I hate TurboTax but it looks like I'll have to go back to them. (TT was terrible handling short sales and completely failed to deal with wash sales. But that was years ago - but then, that was why I left TT.)

VolvoGirl

Employee

That might be right. If you have a negative AGI or negative taxable income it will show up on 1040 BUT it won't reduce the carryover to the next year.

Critter-3

I agree with @VolvoGirl ... before you declare the HRB program is faulty please review the carryover worksheet carefully. Just because a $3000 loss is entered on the 1040 it may not reduce your loss carryforward in some cases which these tax programs handle very well automatically.