Capital Loss Carry Over

Forum|Forum|1 year ago
March 16, 2025
3 replies
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Can anyone explain why the Capital Loss Carryover from TurboTax 2023 says the 2024 Carryover Amount is $18,437 - yet TurboTax 2024 says its $21,437? Isn't it suppose to use the prior year return?

Capital Gains

VolvoGirl

Employee

In 2023 did you have a low or 0 taxable income? 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.

VolvoGirl

Employee

Also look these up for 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.

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.

cheddar_cheeseAuthor

I noticed that 2024 Turbo Tax did not create a Carry Forward form like it did in the 2023 program?

rjs

Employee

@cheddar_cheese

2024 TurboTax does create a Federal Carryover Worksheet showing the capital loss carryovers from 2023 to 2024 and from 2024 to 2025 on lines 12 and 13, just like your picture of part of the 2023 Federal Carryover Worksheet.

Your question that started this thread is about capital loss carryover. In the picture that you posted of part of the 2023 Federal Carryover Worksheet you highlighted net operating loss carry forward. Net operating loss is completely separate from capital loss.