Capital Loss Carry Over

Forum|Forum|3 years ago
February 6, 2023
1 reply
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For context: I moved from PA to CA in December of 2022.

Turbo tax is asking me to input my capital loss c/o for California, and I am unsure of what to enter for this since I did not files taxes in CA last year.

GeorgeM777

TurboTax is asking the question you are seeing because CA has its own Schedule D and CA Capital Loss Carryover Worksheet.

Because you did not file a CA tax return, there is nothing to enter. CA follows federal law in terms of how to report capital gains and capital losses.

The CA Franchise Tax Board recommends that in connection with reporting capital gains and losses, taxpayers report such items first on their federal return. Capital gains and losses will then transfer to the taxpayers CA return, and if there are adjustments to make, then the CA taxpayer will need to complete CA Schedule D (540). In your case, there were no adjustments to make.

@Garz

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