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April 8, 2023
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Remove Capital Loss Carryover of deceased spouse

  • April 8, 2023
  • 1 reply
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Spouse died early 2021. Capital loss carryover belonged to deceased spouse. I didn't realize it when filing 2022 but caught it this year because the system wants me to pay for premium services but I only have SSA-1099 and 1099-R to file with standard deduction.

Thank you in advance for guidance.

    Best answer by JohnB5677

    If your spouse passed in 2021, you could still use the loss on the 2021 tax return that you completed in 2022.  However, you cannot use it on your 2022 tax return.

     

    To eliminate the Capital Loss Carryover:

    1. Start at Federal
    2. Wages & Income
    3. Scroll down to Investment Income.
    4. Select Capital Loss Carryover from the drop-down menu.
    5. Then delete the record.

    If I've misunderstood your question, and this does not completely answer it, please contact us again and provide some additional details.

     

    1 reply

    JohnB5677
    JohnB5677Answer
    April 9, 2023

    If your spouse passed in 2021, you could still use the loss on the 2021 tax return that you completed in 2022.  However, you cannot use it on your 2022 tax return.

     

    To eliminate the Capital Loss Carryover:

    1. Start at Federal
    2. Wages & Income
    3. Scroll down to Investment Income.
    4. Select Capital Loss Carryover from the drop-down menu.
    5. Then delete the record.

    If I've misunderstood your question, and this does not completely answer it, please contact us again and provide some additional details.

     

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    rsmohlerAuthor
    April 9, 2023

    @JohnW152 and @JohnB5677 - thanks to both for providing guidance and instructions.