How do i enter capital loss carryover from prior years?i have capital loss carryover from several years ago; but software only calculate the loss from previous year
How do i enter capital loss carryover from prior years?i have capital loss carryover from several years ago; but software only calculate the loss from previous year
"Unfortunately, the IRS cannot allow the investor to decide which year they will offset the carryover loss. In case the investor skips a year without offsetting the loss, it means the forfeit is permanent."
If "several years ago" only means 4 or less, then all is not lost. You will need to file an amended return for each year you overlooked including the capital loss(es) and then input the residual amounts, which may be the original amounts in some cases, into this year's tax return. Whether that is cost effective would depend upon how much you would pay in fees, if any, to do the amended return(s) versus the amount you would save by using the capital loss carryover(s). To estimate that savings, just enter the old capital loss carryovers directly into the 2022 return and see how much it lowers you tax bill or increases your refund.