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February 28, 2025
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How do I delete previous years capital loss carry over thats incorrect?

  • February 28, 2025
  • 1 reply
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    Best answer by VolvoGirl

    Why is it wrong?  You might have used up more of it last year.

     

    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 Start or Revisit

     

    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.

     

    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.

    1 reply

    VolvoGirl
    VolvoGirlAnswer
    Employee
    February 28, 2025

    Why is it wrong?  You might have used up more of it last year.

     

    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 Start or Revisit

     

    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.

     

    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.