Question

Do I have to enter the the tax loss carry forward for each of our investment accounts by short term and long term losses or can I enter one summary number?

Forum|Forum|5 years ago
March 27, 2021
1 reply
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Schedule D from our 2019 return from the tax preparer does not give me the details how the tax losses were determined last year.

ColeenD3

Yes, Schedule D does include a breakdown. The figures are combined on Page 2, Line 16, but it is broken out on Lines:

7 Net short-term capital gain or (loss). Combine lines 1a through 6 in column (h). If you have any long-term capital gains or losses, go to Part II below. Otherwise, go to Part III on the back

15 Net long-term capital gain or (loss). Combine lines 8a through 14 in column (h). Then, go to Part III on the back .

@fanfare

Thanks.

Edited [3/28/21|10:20 AM EST]

H

howto2020Author

I am familiar with schedule D. I am going from a tax preparer in 2019 to Turbo Tax. Schedule D on my 2019 return line 16 has a value that represents net gains and losses from several accounts. I do not have the worksheets that show what numbers come from which account. May I just enter line 16 less line 21 on my 2019 schedule D in the section on Turbo Tax related to tax loss carry forwards in 2020. Also, I do not know what the breakdown is in short term and long term gains. Does it matter for the 2020 return?