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J
jerryjahsman
March 19, 2020
Question

Carryover

  • March 19, 2020
  • 1 reply
  • 0 views
The max of $3,000 did not report on my federal form or carry forward onto my MA return. The MA shows same carryover as 2018. I could not see this until I paid and was ready to file. Can I correct this before I electronically sign and file?

    1 reply

    Carl11_2
    Carl11_2
    Employee
    March 19, 2020

    Did you sell rental property in 2017 or before that generated carry forward losses because after deducting the maximum $3K from other ordinary income, you had more still to carry forward to 2018? If so, did you not use up all of those losses on the 2018 return maybe?

     

    J
    jerryjahsmanAuthor
    March 19, 2020

    It was stock sold in 2015 and that was only transaction. I had over $25,000 carryover from 2018. Can I modify my forms to claim the $3,000 max for 3019 even though I have paid TurboTax and only need to sign electronically and file?

    VolvoGirl
    VolvoGirl
    Employee
    March 19, 2020

    You don't have -3,000 on 1040 line 6?  No schedule D?  Did you use Turbo Tax last year?  It should have transferred over.

     

    If you transferred your prior return it should be already filled in.

     

    Enter a Capital Loss Carryover under

    Federal Taxes or Personal (Home & Business)

    Wages and Income

    Then scroll down to Investment Income

    Capital Loss Carryovers - Click the Start or Update button

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