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barnabyf
June 3, 2025
Question

Does TT Online allow capital loss carryover to be used to offset unlimited capital gains? I don't see that option.

  • June 3, 2025
  • 3 replies
  • 0 views
An advisor mentioned this to me and I see there are numerous Youtube videos about the subject but never once saw this in TT Online. Thanks for any advice.

    3 replies

    DoninGA
    Employee
    June 3, 2025

    For a capital loss carryover -

    Click on Federal Taxes (Personal using Home and Business)
    Click on Wages and Income (Personal Income using Home and Business)
    Click on I'll choose what I work on (if shown)
    Under Investment Income
    On Capital Loss Carryover, click the start or update button

    rjs
    Employee
    June 4, 2025

    In order to enter a capital loss carryover in TurboTax Online you have to be using the Premium edition.


    There are no options in the tax law for how a capital loss carryover offsets capital gains. Enter the capital loss carryover in TurboTax. TurboTax will use it as specified by the tax laws.


    I'm not sure what you mean by "unlimited capital gains." There is no limit to how much gain can by offset by a capital loss carryover. If your net capital gain in 2024 is more than the capital loss carryover, the entire capital loss carryover will be used to offset capital gains.

     

    VolvoGirl
    Employee
    June 4, 2025

    You get to first offset the loss against any gains you have each year so that can use more of it up. Then after applying the loss to the current gains if there is still a loss, you can take a max loss of 3,000 per year.


    On the income page The 2024 column shows the carryover to 2025 (not your current loss for 2024). Schedule D doesn't actually show the carryover amount. To find your Capital Loss Carryover amount you need to look at your return schedule D page 2. Line 16 will be your total loss and line 21 should be a max loss of 3,000. The difference between line 16 and 21 is the carryover loss for next year.


    Then there are 2 worksheets….
    Capital Loss Carryover worksheet showing the carryover from the prior year and the current amounts.
    Capital Loss Carry Forward worksheet showing the amount transferring over to next year.


    In the Online version you have to save your return with all the worksheets as a pdf file to your computer to see the Capital Loss worksheets. You need to use Online Premium to enter a Capital Loss Carryover and investments. Or any of the Desktop programs. In the Desktop program you can switch to Forms Mode and open the worksheets.