How do I change the capital loss carryover from $5,192 to $3,000.

Forum|Forum|1 year ago
February 16, 2025
1 reply
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It's my understanding that $3,000 is the max but Turbo Tax is importing $5,192. I am not entering this number and I cannot change it.

Best answer by VolvoGirl

Oh I did find this. Capital Loss Carryover screen showing incorrect calculations
https://ttlc.intuit.com/turbotax-support/en-us/help-article/new-subscriptions/capital-loss-carryover-screen-showing-incorrect/L0f9krvPv_US_en_US?uid=m6y32pg6

VolvoGirl

Employee

From 2023? The full amount carries over. The 3,000 is just the max loss you can claim each year AFTER offsetting any gains you have. So you might use more of it up in one year.

hopalong051008Author

Thank you for your quick response. I was concerned because I had read in help

"Currently, some TurboTax customers are experiencing issues with the capital loss carryover calculations"

This is our first return that I can recall that carried over more than $3,000.

For future reference, how I will know when the capital loss carryover calculation glitch (or any other) is corrected. Would the return automatically update if it hasn't been submitted?

VolvoGirl

Employee

I haven't heard of a capital loss carryover glitch yet. Are you using the Online version or the Desktop program? If you are using the Online version it should automatically update or you might need to go back though that section again. For Desktop you have to update the program.

On the income page The 2023 column shows the carryover to 2024 (not your current loss for 2023). 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.

There is also a Carryover Worksheet showing the carryover from the prior year and the current amounts. Then there is also the 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 worksheet as a pdf file to your computer to see the Capital Loss Carry Over and Carry Forward worksheets.