Capital losses in ‘21 were $6150. $3k used for ‘21 losses. Carry over loss to ‘22 is reporting $3150 (above the maximum) and is being rejected by IRS. When will TT fix?

Forum|Forum|3 years ago
March 8, 2023
1 reply
0 views

No text available

TurboTax Premier Online

rjs

Employee

What is the exact amount on your 2022 Form 1040 line 7?

What are the exact amounts on your 2022 Schedule D lines 6 and 14?

What is the exact reject message from the IRS, word for word, including the code?

cody-a-evansAuthor

2022 Form 1040 line 7 = -$1808

2022 Schedule D line 6 = $3160

2022 Schedule D line 14 = $0

Reject message from the IRS

There is a potential issue with the calculation regarding Capital Loss Carryover Worksheet.

Reject Code FED_6251_CapitalLossCarryoverAMT

cody-a-evansAuthor

TT feedback shows the following, but it is still not fixed…

Description of error:

There is a potential issue with the calculation regarding Capital Loss Carryover Worksheet.

What needs to be done:

We've identified an issue in your federal tax return. This issue is being resolved in a product release scheduled for March 3rd, 2023. On or after March 3rd, 2023, you'll need to sign into TurboTax, complete a quick review (steps below), and resubmit your return. This is just for your federal 1040 tax return. To review and re-submit your return: f you're using TurboTax online: 1) Sign in to your TurboTax account. 2) Select Federal (left menu), and then Wages and Income (top menu). 3) Scroll down half way to the Investment Income 4) Visit the following topic: Capital Loss Carryover 5) Select No, I need help figuring out my capital loss carryover amount 6) Confirm the Capital Loss Carryover amount transferred correctly from your 2021 return 7) E-file your return (you won't be charged any additional fees). If you're using a CD or downloaded version of TurboTax: 1) Update TurboTax (visit our Support Site if you need help updating). 2) Select the Federal tab, then select Personal Income. 3) Scroll down half way to the Investment Income 4) Visit the following topic: Capital Loss Carryover 5) Select No, I need help figuring out my capital loss carryover amount 6) Confirm the Capital Loss Carryover amount transferred correctly from your 2021 return 7) E-file your return (you won't be charged any additional fees). Note: The calculation change may affect the taxpayer's refund or balance due.