Question

I have a 2019 capital loss carry forward, which I would like to fully carry forward to 2020, therefore can I reduce the allowable capital loss from USD 3000 to zero?

Forum|Forum|5 years ago
August 11, 2020
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TurboTax Premier Online

Employee

No.

You must use the 2019 capital loss on your 2019 return, to the extend allowed. For most people, this is $3000. If your income is low enough*, TurboTax (TT) will automatically calculate any alternate amount and provide you a carryover worksheet. If you use TT for your 2020 return, the carryover amount from 2019 to 2020 will be automatic.

*If your standard (or itemized) deduction is greater than your AGI, without capital loss, then all capital loss is carried forward.