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Question

How does turbo tax calculate net capital loss carrybacks

Forum|Forum|2 years ago
April 30, 2023
1 reply
0 views

my net capital loss available for carry back per my tax slips is much higher than the amount Turbo tax has indicated

Hi Cheryl,

To calculate your carryback, you have to check the inclusion rate for the year to which you are applying your losses. If it is different from the current year’s inclusion rate, you have to adjust your claim.

However, if the inclusion rate for the three previous years is the same as the current year. This means you don’t have to worry about any adjustments.

To learn more, visit: https://turbotax.intuit.ca/tips/carrying-capital-losses-backward-or-forward-6249#:~:text=To%20calculate%20your%20carryback%2C%20you,same%20as%20the%20current%20year.