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February 20, 2025
Question

Capital loss carryover from 2023 is not showing up on my 2024 form, Shows 0 dollars

  • February 20, 2025
  • 5 replies
  • 0 views

I have a carryover from 2023 of over $17000 and in 2024 I had a capital gain of $5900. I should get a carryover of $3000 from 2023, but in Turbo tax my 2024 carryover show zero. as does my total carry over. Turbo Tax Premier is not letting me preview my 2024 taxes until I pay. I want to make sure my forms are correct before I pay. Any help out there? Thanks.

 

    5 replies

    DoninGA
    Employee
    February 20, 2025

    For a capital loss carryover -

    Click on Federal Taxes (Personal using Home and Business)
    Click on Wages and Income (Personal Income using Home and Business)
    Click on I'll choose what I work on (if shown)
    Under Investment Income
    On Capital Loss Carryover, click the start or update button


    Or enter capital loss carryover in the Search box located in the upper right of the program screen. Click on Jump to capital loss carryover

    VolvoGirl
    Employee
    February 20, 2025

    The 17,000 is carried over from 2023.  It will offset the 5,900 gain and you get to use another 3,000 of it on 1040 line 7.  So that’s 8,900 used up and the remaining 8,100 loss will carryover to 2025.

     

    You get to first offset the loss against any gains you have each year so that can use more of it up.  Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year.  Turbo Tax does all the calculations for you.  Just enter the prior year carryover amount.

     

    If you transferred your prior return it should be already filled in.

     

    Enter a Capital Loss Carryover under

    Federal Taxes or Personal (Home & Business)

    Wages and Income

    Then scroll down to Investment Income

    Capital Loss Carryovers - Click the Start or Update button

    You enter the full amount that carried over, not just the 3,000

     

    On the income page The 2024 column shows the carryover to 2025 (not your current loss for 2024).

     

    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 Schedule D and 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.

    February 22, 2025

    Thanks for your input. This still does not work for me in the online version, I have to pay before I can review my tax return. Any suggestion on how I can see my return and schedules before I pay?

    DoninGA
    Employee
    February 22, 2025

    @jgulbronso wrote:

    Thanks for your input. This still does not work for me in the online version, I have to pay before I can review my tax return. Any suggestion on how I can see my return and schedules before I pay?


    You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

     

    To view or print your complete tax return before filing you will have to pay the TurboTax online account fees.

    March 1, 2025

    Me too, I have the same problem. It keeps showing 0 dollars. I called Turbo Tax and they weren't able to help either. I'm thinking of putting it under 1099B, with the company name as Carryover, and enter the loss.

    PatriciaV
    Employee
    March 6, 2025

    This experience has been reported and is under investigation. You may sign up for updates here: Why is the capital loss carryover screen showing incorrect calculations? Even if this doesn't seem to apply to your situation, the form & calculations will be updated in TurboTax when the investigation is complete.

     

    @jgulbronso 

    @faytong2 

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    March 6, 2025

    Thanks. I am still waiting for a Turbo Tax response. Hard to believe that they have not figured this out. I would assume that there are thousands of people in the same situation.

    March 21, 2025

    Same problem.      Impatiently for “into it” to update their software fix.

    March 21, 2025

    My solution was to purchase and download the program rather than wait for Turbotax to fix the online version. The capital loss carry over worked just as it should in the download version of the program. 

    March 26, 2025

    I have the same problem, capital loss from 2023 not showing up, and there's no mention of it anywhere but here.  I will manually enter it.  Thank you and the other responders.

    Las year the IRS corrected my return and I got a few $hundred more back!  So double check everything.  Turbo Tax also does not automatically enter margin interest expense, It hasn't for me, anyway;  even though it is on my 1099 which is downloaded through TTX.

    April 2, 2025

    This is disappointing; I've used TurboTax for decades to do my taxes and it's looking like I'm going to have to go to another service this year because of this.  

    A simple announcement as to when this is expected to be fixed is all that's needed.