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June 21, 2020
Question

I Have Capital Loss Cary Forward To Show and maintain for The 2020Tax Year. where do handle it

  • June 21, 2020
  • 1 reply
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Where is The Schedule D from for 2019

1 reply

VolvoGirl
Employee
June 21, 2020

You mean from a current 2019 return to carry forward to Next year 2020?  Turbo Tax does that automatically.

 

The current year carryover loss from the prior year is on schedule D line 6 & 14.

 

On the income page The 2019 column shows the carryover to 2020 (not your current loss for 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.

 

And if you have a negative AGI or negative taxable income it will show up on 1040  BUT it won't reduce the carryover to the 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.

 

If you have a negative AGI or negative taxable income it will show up on 1040  BUT it won't reduce the carryover to the 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 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.

VolvoGirl
Employee
June 21, 2020

Do you have a carryover loss from 2018 you need to enter?  

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

 

Are you sure you should have a net loss to carryover to 2020 next year and it wasn't all used up by gains in 2919?  What is on your 2019 1040 Line 6?