Question

Capital Loss Carryover

Forum|Forum|5 years ago
March 6, 2021
2 replies
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We have a $35,000 loss carryover from 2019. This was entered in TurboTax 2020 with zero gain before carryover. The $3,000 is not showing in the Capital Loss used in 2020 column on the summary page. How do you get this to populate to allow for using the $3,000 loss and then reduce the carryover to $32,000 for next tax year?

T

ThomasM125

If the carryover loss from the previous year is not listed on your tax return, you need to make sure you entered it properly by using these menu tabs in TurboTax:

Income and expenses
Investment Income
Capital Loss Carryover

You will be prompted to enter the short term and long term carryover amounts from 2019, which you can calculate based on the entries on your 2019 Schedule D.

[Edited 3/10/21 3:01 PM PST]

@charliehub

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VolvoGirl

Employee

Did you enter any gains for 2020? From sales or capital gains on dividends or K-1, etc.? On the income page The 2020 column shows the carryover to 2021 (not your current loss for 2020). So you must have used up all your carryover loss from 2019. Does the 2019 column show the 35,000 carryover to 2020? Did you transfer from 2019?

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.