Question

Turbotax 2023 Capital Loss Carryover Worksheet "TY-21->TY22 conversion"

Forum|Forum|2 years ago
January 28, 2024
8 replies
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I just completed my 2023 federal tax return using the desktop version of Turbotax Premier. I also used Turbotax desktop in 2021 and 2022 and information from those returns was automatically imported into the 2023 return (except, apparently, as described below).

In reviewing the forms list, I noted that the Capital Loss Carryover Smart Worksheet (relating to "conversion" errors) had a large exclamation mark beside it indicating errors. The indicated errors (red boxes) were the absence of values in the following two lines on page 2 of the Worksheet:

Value from 2021 Schedule D for AMT, line 7.........._________

Value from 2021 Schedule D for AMT, line 15.........._________

Immediately above these lines is the following question: "Is this return impacted by inaccurate TY21->TY22 conversion?" The "Yes" box was automatically checked by the Turbotax program and the program further below had automatically filled in many numbers under columns entitled "Original TY21" and "Original TY22." The "corrected "amounts for several of these differed by several thousands of dollars from the "original" amounts. I assume that the Turbotax programs for 2021 and/or 2022 generated erroneous values for capital loss carryovers (query: only for alternative minimum tax purposes or for both AMT and regular tax?) and that the purpose of this worksheet is to correct those errors for 2023.

Going back to the "missing values" that prompted the error message for this form, my 2021 return did not have a separate "Schedule D for AMT." I did not pay AMT in 2021 (or for 2022) because the regular tax was greater.

My questions are:

What numbers I should input into the two blanks described above? Specifically, is the program asking me to input the numbers from lines 7 and 15, respectively, from the Schedule D for the regular income tax, since I did not prepare (and the Turbotax program did not generate) a separate Schedule D for AMT? And why didn't the program automatically input these values in light of the fact that it was able to automatically input many other values from the 2021 and 2022 worksheets and forms?

Finally, I am curious about the exact nature of the Turbotax program error that prompted the need for this "adjustment" worksheet and whether it could have impacted my previously filed returns for 2021 and 2022. Full disclosure from Intuit of what transpired would be appreciated.

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clueless001

I'm getting the same issue/exception using the web based product for 2023 return. Have you received any responses or discovered anything more. I didn't file AMT schedule D however my return generated one that was saved with my worksheets. I found the amounts they were looking for on my 2021 tax returns/worksheets and entered it where prompted on the 2023 return. I ran review again and it no longer kicked out as an error. My concern is that will negatively impact my Schedule D and carryovers when I file 2023 return.

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Topsail PabloAuthor

So far I have received no responses other than yours. I did post this same question to the Turbotax experts on the Intuit website, also with no response.

I looked at my full 2020, 2021 and 2022 Turbotax "files and worksheets for your records" and do not see a separate Schedule D for AMT. I do, however, see separately-stated capital loss carryover amounts for regular tax and AMT. From what I can tell, the Turbotax programs for 2020 and 2021 correctly computed capital loss carryforwards to the succeeding years, which on my facts were exactly the same amounts. (My understanding is that unless one has incentive stock option exercises or other uncommon circumstances, loss carryovers for regular tax and AMT will be the same.) The 2021 program correctly imported the carryover from 2020. However, the 2022 Turbotax program did not properly import the AMT carryforward from 2021 to 2022. In my situation this amount was increased by several thousand dollars.

I haven't completely figured out what is going on in the 2023 Capital Loss Carryover Worksheet, but I am troubled by the fact that, with the two values referred to in my original post remaining blank, the line 13 "Long-term capital loss carryover for 2023" on page 1 of the Worksheet is different for regular tax and AMT. As I stated above, I don't have circumstances that should cause a difference between regular tax and AMT capital losses or loss carryovers.

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clueless001

Thanks for responding. One of the entries was a LT carryover loss that was “0”. It was blank on the worksheet so I corrected by adding it in. The other flagged entry was for ST carryover loss that was blank. I looked at the firm I had in my tax files and added the number it should be.
I’m nit using the desktop version so I can’t tel what impact it will have till I pay to file, but then I don’t think I can change it. Trying to avoid an amended return.

i may clear the 2023 return and start over to see if anything changes with respect to flagging those 2 lines.

keep in touch please.

K

kindlib

So glad you started this thread. I filed early and also got this perplexing scenario. I WAS subject to AMT back in '21 and '22. I crawled through my old returns and entered the strange, arcane information they requested. And it did, in fact, seem to change some of the numbers carried through -- probably to my eventual benefit although it is all a bit cryptic.

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larrsz

I finally got in touch with a TurboTax "tax expert" and they said to use the numbers from my actual return, schedule D, lines 7 and 15. It did fix the error and let me go on, although I believe it raised my tax due by just a bit. I really wish I had access to the AMT sheets to verify but I do not, since I did not file/pay AMT and TT did not generate that form in my package.

D

Dukes Dad

I also just received the same error message. Tearing the hair out trying to figure out what tripped this error message as I didn't file AMT in 2021 or 2022.

I'm going to go back and see if I can find the data from Schedule D Lines 7 & 15 from 2021 etc.

For fun, I unchecked the "Yes" box and checked the "NO' box.

The warning error disappeared immediately. That may be the simplest & easiest answer to the SNAFU.

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p3nguin53

I filed my 2022 return on 4-12-2023 and still encountered this problem. I think that's because I started my return in February and pulled in the prior year's numbers before the bug was fixed in early March. So it is not just early filers that are affected.

I compared worksheets and found that the numbers on the 2021 return Capital Loss Carryforward Worksheet (has correct numbers) do not match the numbers on the 2022 return Capital Loss Carryover Worksheet (has incorrect numbers).

TurboTax is asking for the numbers from the 2021 Schedule D for AMT lines 7 and 15. If you don't have that form you can also get the correct numbers from the 2021 return Capital Loss Carryforward (not Carryover) Worksheet under the AMT column on lines 5 and 9. Take the numbers from the AMT column and make sure you enter them as negative numbers.

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taxhelpthanks

Why does it have to be a negative number? Thanks!

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clueless001

I don’t have a good answer for your question. I think I followed guidance from someone else. Assume it’s only a loss that would be shown as a negative but not certain.

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chilipena1040

Thank you so much for posting this issue, I too ran into the exact scenario and have spent too much time trying to figure out where to get the non-existent schedule info that Turbotax was insisting I fill in. I am going to hold up filing to see if a software fix is available in the near term. If all else fails I think I'm going with the camp that unchecks the yes box.

Thanks again.

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nitingupta

@chilipena1040 I have posted the way to generate the Schedule D AMT form for 2021. That takes all guesswork out of the equation.

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antoniuser

Faced this issue today as well with my TurboTax Premier (desktop). I managed to fill out 3 out of 5 problematic fields from my 2021 tax return.
But then I got stuck completely with these two values:

"TY22 CLCO Wksht Row A AMT" (2021 Schedule D for AMT, line 7, per 2022 Capital Loss Carryover Wksht)
"TY22 CLCO Wksht Row B AMT" (2021 Schedule D for AMT, line 15, per 2022 Capital Loss Carryover Wksht)

First of all, in my 2022 tax return I have only "Federal Carryover Worksheet" (the closest match to "Capital Loss Carryover Wksht". And it does not have plain row A and B but rows with numbers and letters 12a/b, 13a/b, etc. Can anybody help me to locate these "row A and B" as referred in Turbo Tax app?

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Topsail PabloAuthor

Although my list of forms in Turbotax 2021 does not show a Schedule D for AMT purposes, I was able to get the program to generate one by clicking on the "Forms" tab (at the top of the screen to the right of "View") and then in the search box inserting "Schedule D AMT". I obtained the two requested values from this form, which as I suspected were the same as the numbers for regular tax purposes.

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tjmaslyn

Faced same issue, plus another major issue that I did not see others mention. The TY21 -> TY22 conversion AMT capital loss carryover adjustment smart worksheet put incorrect values in the “Corrected TY 21” and “Corrected TY22” Line 9, and Line 13. In fact, the “Corrected” value for these lines for both years has been set to 0 (zero) by Turbotax. This is totally incorrect because I have a large AMT capital loss carryover from the Dotcom bubble burst that I have slowly been reducing, and it needs to be kept and continued to be carried over likely for many years to come. For Turbotax to set the Capital Loss Carryover value to zero for these lines is unacceptable.

I will go back and use the suggestions to try and get the correct numbers, but it looks like when I do, I will have to manually overwrite values on this form for the Corrected TY21 and Corrected TY22 line 9 and line 13 values or I believe next year when I do the import it will continue to have incorrect values and I will lose my AMT carryover loss.

I have been using Turbotax for decades and my AMT Capital Loss carryover has always been correct (at least I thought so?). Setting my Capital Loss Carryover value to zero, saying it is "Corrected", and not having any explanation on how/why they were “corrected” is unacceptable. I have ended up holding filing my taxes because of this issue, and it is taking hours to figure out how do get this settled. Fortunately, the user’s have offered useful suggestions, but where is the help and an official response from Turbotax in all of this?!

Can a TurboTax representative please step up, provide some guidance on a fix, and help us regain some confidence in this product?

Thank you.

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p3nguin53

tjmaslyn,
My TY21 -> TY22 conversion AMT capital loss carryover adjustment smart worksheet has 6 numbers at the top which are the numbers it asks you to enter (I was asked to enter only 2 of them). Those 6 numbers are used to generate the Corrected TY21 section numbers.

My Corrected TY21 numbers matched exactly to my 2021 return Capital Loss Carryforward Worksheet numbers which were the correct numbers.

For the 6 numbers at the top of the worksheet all of mine are negative except the Form 6251 Income number and then all of the rest of the numbers on the worksheet are positive. Do you have some positive numbers at the top that should be negative instead?

S

stantonporsche

Employee

i got the same problem using turbotax deluxe

When i go to do a review on my turbotax deluxe 2023

I get an error on the Cap Ls Carryover

on line 1: Enter the amount from your 2022 form line 1040, line 15.:

just above in the 2022 capital loss information smart worksheet, information should be just carried down

for example : E. alternative minimum taxable income before exemptions : 200,000

but in line 1. alternative minimum tax listed as 203, 000

then in line 2. :enter loss from 2022 schedule D line 21, it should be 3000 but listed as 0 in the alternative minimum tax area

all previous years it is the same number

when i compared my previous year turbotax, that alternative min tax at the top box , line E should be reported as the same amount in line 1 but it is not , it actually reports it as 3000 more

then in line 2 alternative min tax loss should be 3000 like all previous year have done but now listed as 0

i believe if you manually fix column in alt min tax , all errors should go away but turbo tax should not put us in this situation

J

jimmyv4351

Same issue, different solution.

After reading this thread and fussing over how to fix it, I decided since I hadn't had to file AMT in '21 or '22 (nor for '23) I'd just change the box TurboTax had checked "Yes" the return was affected by mis-reported AMT to "No".

This removed the issue.

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nitingupta

@jimmyv4351 Checking No instead of Yes may just carry over the error to future years.

I didn't have to file AMT either yet there's information to be filled.

Have you read all the posts in this thread?

I faced the same problem. Then I figured out how to generate the missing 2021 Sch. D for AMT form to get the missing info. See my response a few posts above.

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Topsail PabloAuthor

You correctly identified a way to generate an otherwise hidden "Schedule D AMT":

Click on "Forms tab," then on "Open Form," then search for "Schedule D AMT."

A Schedule D for AMT will appear in the list and clicking on it will allow you to view and print it.

However, are you absolutely certain that entering the two "missing" values in the 2023 Smart Capital Loss Carryover Worksheet from this Schedule D AMT causes the program to product the correct capital loss carryovers from 2022 to 2023 for AMT purposes, as well as the correct capital loss carryforward to 2024 for AMT purposes? I don't believe it does. When I entered the two "missing" values (I did this using the regular tax numbers before I saw you method for generating a Schedule D AMT, knowing that my regular tax capital losses didn't require an AMT adjustment), the program continued to show several incorrect "corrected" TY21 and TY22 values on page 2 of the Worksheet.

I will reiterate my advice that unless one has (uncommon) circumstances that require capital losses to be adjusted for AMT purposes, one should confirm that the Turbotax program shows the same capital loss carryover value for regular and AMT purposes for 2023, using the "override" function if necessary to achieve this. The relevant values to check are in the box at the top of the Capital Loss Carryover Worksheet, i.e, the box entitled "2022 Capital Loss Information Smart Worksheet". Look at line B, "Net long-term capital gain or (loss). (2022 Schedule D, line 15)". The values in the two columns should match. This makes irrelevant the fact that the Turbotax program continues to insert incorrect on the TY21 to TY 22 conversion worksheet that follows.

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taxnoodles

If you're doing this in TurboTax Online and you aren't 100% sure about the numbers, DO NOT pay or print your tax return or you'll be locked out from making any further changes to this form. The only way to input these numbers is when the Online version throws you the errors during the "Review" step, so if you put in the wrong numbers and realize later, you need to hit "Clear & Start Over" and completely re-enter everything in order to throw the error again so you can input the correct numbers. Found this out the hard way and spent 4 hours on the phone with support to find out that they have NO ability to disable this.