How do i edit my capital loss carryover. . turbo tax has an incorrect amount i think. not factoring in losses from 2019 that rolled.

Forum|Forum|4 years ago
April 9, 2022
1 reply
0 views

my 2019 return had ST losses of - $1651 and LT losses of - $3369. 3k deducted so -$2020 should roll . tax year 2020 i had ST Gains $ 1383 and LT losses of $-4805. why is my 2020 carry over from year 2020 only $422? tubo tax is calculating that amount. how do i edit it.

TurboTax Premier Online

GeorgeM777

Your capital losses will offset your capital gains, plus $3,000 of ordinary income. Thus, in your tax situation, for 2020, your loss of $4,805 offset your gain of $1,383 resulting in a remaining loss of $3,422. ($4,805 - $1,383 = $3,422). Because capital losses can offset up to $3,000 of ordinary income, $3,422 - $3,000 = $422 remaining carryover loss.

Review your 2020 tax return, line 7 and see if a loss of $3,000 is there.

@emailsuzan

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"