Question

I have a long term capitol loss that I want to report as capitol loss carryover. where in the search bar is the "jump to" link

Forum|Forum|4 years ago
April 18, 2022
1 reply
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I'm new to turbo tax so don't have a prior return. I guess I have to manually initiate. I have premier because I need sched D 1040

TurboTax Premier Online

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HelenC12

In TurboTax, in the upper right hand corner of the screen, click on the magnifying glass. This will open a search bar.

Open your TurboTax return and search for capital loss carryover.
Click on the "Jump to" link in the search results.
Continue with the onscreen interview until complete.

Carryover losses on your investments are first used to offset the current year capital gains if any. You can deduct up to $3,000 in capital losses ($1,500 if you're married filing separately). Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up.

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debdonkAuthor

Thank you very much, Helen C12! I’m new to this and tried to reply by sending it as another question. Realize now that this is the way to do it. Anyway, after unforeseen problems with a different maker’s software, I made a last minute switch to TurboTax on the 16th. Using Premier, I got stuck on long-term capital loss so sent a question to the Turbo Tax community (you responded to that one) and also requested a phone call. I’m still amazed that I got both so late in the evening and on the busiest weekend of tax season. I’m very impressed with TurboTax and the knowledgeable and friendly help I received. Many thanks to you and your colleagues! Debbie