Capital loss carryforward

Forum|Forum|3 years ago
February 19, 2023
1 reply
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I am completing my 2022 return and the income summary shows that only $2 of my capital losses are being deducted.

Stocks, Mutual Funds, Bonds, Other. -5,000

Capital Loss Carryover. -4,998

The actual return shows a -4,998 capital loss, and deducts the proper -3,000 limit.

My carryover should be 2,000 - the $1,998 could just be a rounding difference.

The issue I have is my carryover when I file my 2023 taxes going to be correct in Turbotax? Will it be the correct amount ($2,000) or the amount shown in the income summary ($4,988)? Or another way of looking at it is simply why is the income summary not displaying the correct amount of my carryover?

DavidD66

I am unable to recreate your scenario; however, I can tell you that if your current return is correct (and it sounds like it is), and your loss carryover is not correct when you rollover your return for 2023, you can manually adjust your loss carryover from the prior year. Moreover, I wouldn't rely on the Income Summary. I would check Schedule D when you have completed your return. You can go ahead and pay without filing if you want to go ahead and check. You will still be able to make changes prior to filing. Follow these steps to print a preliminary copy of our return in TuboTax Online:

While logged in and working on your return, click on Tax Tools
From the drop down menu click on Print Center
Click on Print, save or preview this year's return
On the next screen click on "Pay Now"
You may be prompted to "Go to My Info" if you need to add additional information
Submit your payment information and you will be able to print your tax returns