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Question

My capital loss from 2022 exceeds the deduction limit of $3000, so TurboTax put the loss as $2998 and the rest is carried over to 2023. Why is it not putting it as $3000?

Forum|Forum|3 years ago
March 28, 2023
1 reply
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TurboTax Online

There could be different reasons which relate to the income and taxable income on the current year tax return. Even though it may seem like there is enough income that the full $3,000 would reduce your overall income, if the taxable income is low enough, there could be a carryover of some of the maximum $3,000 loss allowed. Review your capital loss carryover worksheet (for 2023) and Schedule D before you file your return. If you still have questions please update here with more detail and one of our tax experts will help.

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Employee

Basically, you are allowed to use your standard or itemized deductions to reduce your taxable income before having to use your capital loss.

It appears that your taxable income got to 0 before the full $3000 was used.