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February 15, 2025
Question

1099-B capital loss does not match Turbotax calculation

  • February 15, 2025
  • 1 reply
  • 0 views

After entering the LT capital loss amount from my 1099-B statement which is $6545, Turbo tax calculates my LT capital loss amount as $4394.  I am not carrying over any capital loss from prior years.  

What am I doing incorrectly?

    1 reply

    February 22, 2025

    If you had short term capital gains in the current year, they will be offset by long term capital gains first, then the long term loss allowed of $3,000 for the current year will be calculated to determine the carry forward.