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mineiswine
February 14, 2025
Solved

2022 I had a tax loss carryover .Howeever Ifailed to use it on the 2023 retuen. Can I Ipick it up onth return for 2024?

  • February 14, 2025
  • 2 replies
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    Best answer by VolvoGirl

    Did you have any sales or gains in 2023 you should have used the loss against?  You may want to amend your 2023 return.   Did you use Turbo Tax for 2022 and 2023?  It may have automatically applied the carryover loss.

     

    You should have some worksheets each year.  There is a Capital Loss 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.

     

    You have to report the carryover every year until it's used up.  You can't skip a year.  Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year.  You can't choose when to use it.

    2 replies

    DawnC
    DawnC
    Employee
    February 14, 2025

    You can't choose which tax years to apply your carryover to. Carryovers from the 2022 return must have been applied to your 2023 return.   If there was any left in 2023, it would carryover to 2024.    Capital Loss Carryovers

     

    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 used up.

     

    For example, if your net capital loss in 2022 was $7,000, you're filed as single, and you didn’t have capital gains to offset the losses, you could:

     

    • Deduct $3,000 of the loss in tax year 2022.
    • Deduct $3,000 in tax year 2023.
    • Deduct the remaining $1,000 in tax year 2024.
    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    VolvoGirl
    VolvoGirlAnswer
    Employee
    February 14, 2025

    Did you have any sales or gains in 2023 you should have used the loss against?  You may want to amend your 2023 return.   Did you use Turbo Tax for 2022 and 2023?  It may have automatically applied the carryover loss.

     

    You should have some worksheets each year.  There is a Capital Loss 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.

     

    You have to report the carryover every year until it's used up.  You can't skip a year.  Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year.  You can't choose when to use it.

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