Question

What needs to be done so that deductions carried forward correctly? 2019 AGI $100k. But deductions are $300k (F4684 due to loss). $200k deduction, 2020 where to enter?

Forum|Forum|4 years ago
August 12, 2021
1 reply
0 views

Where and how to enter the carry forward deductions in 2020 step by step? Why is it not automatically putting that in theft loss?

TurboTax Online

O

Opus 17

Employee

Casualty losses don’t carry forward. Whatever you can’t use in the year the loss occurs, is gone.

U

User4546Author

Thanks @Opus 17 Technically my loss is Ponzi loss and complies with RR-09-09 & RP-09-20. Aware officially TurboTax does not support Ponzi loss. Though it can be entered in the form. But the help I am seeking is, in TY2019 Form 4684 enables to capture the deductions. But in TY2020, what enables to carry forward the deductions. Is it something need to be done in the step-by-step or is it something in the forms, manually deductions need to be entered? In the example above, where and how to enter the carry forward the $200k deductions which is allowed due to Ponzi loss? Thanks.

O

Opus 17

Employee

@User4546

manual entries can be made using the desktop version of TurboTax installed on your own computer from a CD or download. You can’t make manual entries in the online program. I don’t know anything about Ponzi losses so I can’t tell you where to enter the value. Any direct entry in forms mode will void TurboTax’s 100% accurate guarantee, and if you have to do an override, that will also block e-filing. (Some fields are designed to allow direct entry but others must be overridden, and I don’t know which is the case here.)

Perhaps someone else knows where to enter the Ponzi loss under the relevant revenue procedure.