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February 9, 2025
Question

I have entered my capital loss carryover from last year, but Turbotax proceeds to summarize that I have $0 of loss carryover. Not understanding why?

  • February 9, 2025
  • 1 reply
  • 0 views
I have entered my information as follows: Schedule D, line 7 Net short-term capital gain or (loss): $435 Schedule D, line 15 Net long-term capital gain or (loss): -$2,982 Schedule D, line 21 Allowable loss: -$2,547 Turbo Tax proceeds to summarize: Capital loss carryover from 2023: $0 All capital losses used in 2024: $0 Remaining losses carried forward to 2025: $0 Why is it not applying the capital loss carryover?

    1 reply

    SusanY1
    February 21, 2025

    It may not be carrying it over because it may be applying it toward your ordinary income in this year, since the amount appears to be under $3,000.  To check to see if this is the case, look at Line 7 on your Form 1040.  If you see a negative number there, then that may explain what you're seeing on the summary screens. 

    Here is how to preview your return to check for this:

     

    1. From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.)
    2. Select Tax Tools 
    3. On the drop-down select Tools 
    4. On the pop-up menu titled “Tools Center”, select View Tax Summary 
    5. On the left sidebar, select Preview my 1040 
    6. Scroll down to Line 7 and check to see if there is a negative number here

     


     

     
     

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