Question

Capital Loss Carryover

Forum|Forum|3 years ago
March 13, 2023
1 reply
0 views

I had a capital loss carryover of $15,000.00 from tax year 2021. For this year I had a capital gain of $3,500.00. What should be the amount showing as "capital gains for tax year 2022? What should be the loss carryover to tax year 2023?

Thanks for your reply.

Not A Product Question

VolvoGirl

Employee

Probably 8,500 carryover to 2023.

The current year carryover loss from the prior year is on schedule D line 6 & 14.

On the income page The 2022 column shows the carryover to 2023 (not your current loss for 2022). Schedule D doesn't actually show the carryover amount. To find your Capital Loss Carryover amount you need to look at your return schedule D page 2. Line 16 will be your total loss and line 21 should be a max loss of 3,000. The difference between line 16 and 21 is the carryover loss for next year.

There is also a Carryover Worksheet showing the carryover from the prior year and the current amounts. Then there is also the Capital Loss Carry Forward worksheet showing the amount transferring over to next year.

In the Online version you have to save your return with all the worksheet as a pdf file to your computer to see the Capital Loss Carry Over and Carry Forward worksheets.

In the Desktop program you can go to Forms and find it in the list in the left column.

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.