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Question

I have $2156 long term carryover loss from last year, but the system does not bring it over to this year

Forum|Forum|1 year ago
February 22, 2025
1 reply
0 views

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Employee

For a capital loss carryover -

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Capital Loss Carryover, click the start or update button

Or enter capital loss carryover in the Search box located in the upper right of the program screen. Click on Jump to capital loss carryover

masih68khAuthor

Thanks for the reply. Yes, I am able to find it, but what is confusing to me is that, it requires two numbers:

(1) Schedule D, line 15 Net long-term capital gain or (loss)

(2) Schedule D, line 21 Allowable loss

But if Schedule D, line 21 is non-zero, then nothing can be carried over to this year. But I think this is wrong, because if you look how Schedule D, line 21 is calculated, it's just max of $3000 and line 15 Net long-term capital gain
I think it's a bug in TurboTax software

Employee

@masih68kh Yes, it is a bug and it is a known problem. See this TurboTax support FAQ - https://ttlc.intuit.com/turbotax-support/en-us/help-article/new-subscriptions/capital-loss-carryover-screen-showing-incorrect/L0f9krvPv_US_en_US?uid=m67fb7bs