I have a Capital Loss Carryover from 2023. I have entered this into TurboTax and it should reflect an entry of (3000) on my 1040 Line 7. Why is it not showing on 1040?
I have a Capital Loss Carryover from 2023. I have entered this into TurboTax and it should reflect an entry of (3000) on my 1040 Line 7. Why is it not showing on 1040?
It almost surely is. Capital loss carryover is initially entered on your Schedule D. If you have no current-year capital gains or losses, your carryover amount will appear on line 7 of Form 1040.
However, if you have current-year capital gains or losses, the carryover will be considered in the Schedule D computation, along with those gains or losses.
When you input your capital loss carryover data into the TurboTax program, it will generate on line 6 of your Schedule D if it's a short-term carryover, or line 14 if it's a long-term carryover.
The capital loss carryover should result in a capital loss of $3000 on Line 7 of the 1040. I calculated the capital loss by hand using the IRS instructions. TurboTax shows 0 capital loss on Line 7.