I don't want to use all my Capital Loss Carryover

Forum|Forum|1 year ago
March 26, 2025
2 replies
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How do I edit the amount of capital loss that to use in TT? It automatically deducts the max it can, but now my $2000 dependent deduction is reduced to about $1750. I'd rather use the entire dependent deduction and less of the capital loss. Specifically, I don't want to use any of my Long Term Capital Loss Carryover. Using it does not reduce my taxes.

Any information on how to do this in TurboTax would be greatly appreciated.

MinhT1

There is no flexibility.

If your have capital losses or capitol loss carried forward, you have to deduct $3,000 each tax year against your ordinary income, whether or not it give you any tax benefits.

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VolvoGirl

Employee

You have to report the carryover every year until it's used up. You can't skip a year. Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year. You can't choose when to use it.

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