No, if you are in the capital loss carryover section of your return, the carryover will appear as a 2020 carryover. You will use it in 2021, so the 2021 carryover will be 0. To make sure the carryover is being correctly applied to your return, you can preview your Form 1040: Open or continue your return. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner). With the Tax Tools menu open, you can then view your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu Scroll down until you see Form 1040 Line 7 Capital Gain or (loss). Your 2,000 carryover should be included here as a negative number, along with your other capital gains, if any.

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kvipark

Question

I'm supposed to get $2000 capital loss carryover from last year. Turbotax found this, but it put -$2000 under 2020, and 0 under 2021. Shouldn't -$2000 be under 2021?

Forum|Forum|4 years ago
April 18, 2022
1 reply
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TurboTax Premier Online

RaifH

No, if you are in the capital loss carryover section of your return, the carryover will appear as a 2020 carryover. You will use it in 2021, so the 2021 carryover will be 0.

To make sure the carryover is being correctly applied to your return, you can preview your Form 1040:

Open or continue your return.
Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
With the Tax Tools menu open, you can then view your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu
Scroll down until you see Form 1040 Line 7 Capital Gain or (loss). Your 2,000 carryover should be included here as a negative number, along with your other capital gains, if any.