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Bob in Plano
Bob in Plano
January 22, 2024
Solved

Why Did TurboTax fail to Auto-fill My Remaining Capital Loss Amount on Schedule D & Provide No Capital Loss Worksheet

  • January 22, 2024
  • 1 reply
  • 0 views

My 2023 Federal Tax Return does not have my Capital Loss Carryover amount on Schedule D  lines 14 & 15 like in years past.  I also do not have a Capital Loss Carryover Worksheet indicating what will be carried over when I file next year's 2024 filing, which has always been done in past years. 

 

The IRS accepted my e-filed tax return that lacks my Capital Loss carryover which is wrong, and which makes my refund and my estimated quarterly tax amounts all wrong too! How am I supposed to correct this mess that TurboTax has caused me? 🙎   I realize I am supposed to check my self-prepared tax return but I fully expected ('reasonable expectation' is a recognized law term)  that TurboTax would continue to provide what it has provided in numerous previous years.  This is a programming or coding bug or error that TurboTax needs to fix! 

      Best answer by CatinaT1

       Do not amend until your original return has been fully processed to avoid unnecessary delays.   

       

      No state tax here in Texas! 

       

      So, when Form 1040X becomes available around February 14th should I wait longer before I amend? 

       

      How do I determine when my original return has been fully processed and I can safely amend? 

       

      Because I must have failed to transfer over the remaining Capital Loss carryover for next year (2024) when I do amend, will I have I lost any of the remaining Capital Loss carryover amount? 

       

       

      ► PS - It would be most helpful if this community  message board had a QUOTE feature to make it easier to keep up when messages are specifically related to someone's previous comments/messages.    


      You can check here to see when your return is done processing: https://sa.www4.irs.gov/wmr/

       

      Because I must have failed to transfer over the remaining Capital Loss carryover for next year (2024) when I do amend, will I have I lost any of the remaining Capital Loss carryover amount? 

      I'm not quite sure what you are asking here. You will likely have to manually enter your remaining loss carryover at the beginning of 2024 when you prepare your return next year. 

      1 reply

      VolvoGirl
      VolvoGirl
      Employee
      January 22, 2024

      Maybe you used it up in 2023?  Do you have a loss on 1040 line 7?  Do you have the Capital Loss Carryover Worksheet showing the carryover from the prior year and the current amounts.  

       

      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.

       

      Did you transfer from 2022?  Maybe the carryover loss from 2022 didn't get entered?   Check here,

      If it didn’t transfer over from last year then
      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 Start or Revisit

       

        Bob in Plano
        Bob in PlanoAuthor
        January 22, 2024

        Maybe you used it up in 2023?  Do you have a loss on 1040 line 7?  Do you have the Capital Loss Carryover Worksheet showing the carryover from the prior year and the current amounts.  

         

        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.

         

        Did you transfer from 2022?  Maybe the carryover loss from 2022 didn't get entered?   Check here,

        If it didn’t transfer over from last year then
        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 Start or Revisit

         

        No, I didn't use up almost $250k of loss carryover last year! I wish I could use more than just $3k. 

         

        Apparently I failed to  transfer over the balance when making entries as I did my 2023 taxes which I just e-filed.

         

        I think I recall seeing something about loss carryover or carryforward so I must have clicked 'No' to do it. 

         

        Since I have already e-filed and IRS has accepted it I must amend my return when 1040X becomes available, right?  

        CatinaT1
        CatinaT1
        January 22, 2024

        Yes. Do not amend until your original return has been fully processed to avoid unnecessary delays.     

          

        See this TurboTax FAQ for help with amending.   

          

        You can e-file your 2023 amended federal tax return, but most states require amendments to be printed and filed by mail.   

          

        You can check the status of your amended return here, but allow three weeks after filing for it to show up.   

         

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