Question

How do I manually enter a missed Capital Loss Carryover from 2017?

Forum|Forum|6 years ago
May 7, 2020
1 reply
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I'd like to manually enter a recalculated missed Capital Loss Carryover from 2017 in this year's return (I know I'll also need to amend my 2018 return). I'm using TurboTax Premier online, and I know I need to get to the Capital Loss Carryover section. But once there the only boxes for me to fill in information are from Schedule D lines 7, 15, and 21. I need to enter that Capital Loss Carryover from line 14 but there are no boxes for that in the routine. Thank you for any help!

TurboTax Premier Online

rjs

Employee

You cannot enter the capital loss carryover in your 2019 tax return directly from your 2017 tax return. A capital loss has to be carried from year to year in sequence. In order to calculate the carryover correctly, you have to first complete the amendment of your 2018 tax return, with the correct capital loss carryover from 2017 to 2018. Even if you don't actually file the amended 2018 tax return, you have to finish preparing it. That will give you a corrected Schedule D for 2018. Then you will be able to enter the information from the 2018 Schedule D that TurboTax wants for your 2019 tax return.

T

timc7Author

Thank you, yes, I do realize that and actually already have the 2018 amended return prepared and ready to be mailed. So I do have the correct calculated Capital Loss Carryover figure, but the problem is that I can't find where to enter this figure in the Capital Loss Carryover section of the TurboTax online program. That's where I need help! Thanks!

rjs

Employee

Line 14 on your 2018 Schedule D is the carryover from 2017 to 2018. That's not what you enter in your 2019 tax return. Enter the amounts that TurboTax asks for, and TurboTax will calculate the carryover from 2018 to 2019.