How do I delete carryover loss

Forum|Forum|3 years ago
February 19, 2023
2 replies
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Can you delete carryover loss

TurboTax Deluxe Online

VolvoGirl

Employee

A carryover from 2021? Why? You have to report the carryover every year until it's used up. You can't skip a year. Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year. You can't choose when to use it.

Did it automatically transfer over? You can find it here to zero out.

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

rsmohler

Capital loss carryover belonged to deceased spouse who died in 2021. How can I remove the carryover?

JohnW152

To delete capital loss carryover information in TurboTax Online:

If you don’t see 2022 TAXES in the left pane, select the dropdown to the right of Income & Expenses on the Hi, let’s keep working on your taxes! page and then select Let’s get started, Pick up where you left off, or Review/Edit.
- Otherwise, in the left pane, select Federal, then Wages & Income (This is labelled Income & Expenses in TurboTax Self-Employed)
Scroll down and select the Show more dropdown to the right of Investments & Savings
Select Start or Revisit to the right of Capital Loss Carryover
On the Here's what we have page, select the Edit link on the right
Make any changes necessary, then select Continue

@rsmohler

GeorgeM777

If the carryover amount is on your return in error, or if you need to adjust it, you can make the necessary changes in TurboTax. In TurboTax online, follow the instructions in the prior post. The Capital Loss Carryover section is under the main heading Investments and Savings. On the screen, Here's what we have, the text says that you can make changes later; however, if you want to make changes now, select the Edit button, and on the next screen delete/change what needs to be updated.

@philafelman

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