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R
randybhere
January 23, 2023
Question

Is carry-over unused losses from a prior year the same as unused deductions due to the limitation of $10K in 2021?

  • January 23, 2023
  • 1 reply
  • 0 views
I had $12,000 last year in deductions but was only allowed to claim $10K due to IRS limitations.  Is this what is meant by Capital Loss Carryover?

1 reply

A
AnnetteB6
January 23, 2023

No, Capital Loss Carryover is not the same as the carry-over of unused deductions.  

 

Capital loss carryover is a situation where you have sold investments such as stocks at a loss and you were not allowed to claim the full amount of loss on the tax return for the year that the loss occurred.  

 

Unused deductions carryover is the portion of charitable contributions that were disallowed in a prior year.

 

Take a look at the following TurboTax help article for more information about where to enter your unused deductions carryover amount:

 

How do I enter a charitable carryover?

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