Turbotax 2020 references an incorrect 1040 line number when trying to report capital loss carryover amounts from 2019

Forum|Forum|5 years ago
February 7, 2021
1 reply
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Capital Loss Carryover -> Start

Yes, I'll review the amounts used to figure out my carryover now. (Recommended based on info we transferred from your 2019 return.) -> Continue

Let's get some info from your 2019 tax return

...

Income

(Form 1040, line 10)

2019 Form 1040 line 10 is for "Qualified business income deduction."

"Income" alone is not enough to determine what figure is expected, is this "total income" 1040 line 7b, "adjusted gross income" 1040 line 8b, or "taxable income" 1040 line 11b?

erikmjohansenAuthor

I found the answer of what type of income it is looking for on a different guidance page:

"What if I don't have Form 6251?

...

If you think your AMTI might be different than your "regular" taxable income (Form 1040, line 10), you'll need to determine what your 2019 Alternative Minimum Taxable Income was and enter it here. If you don't know your AMTI, most people will get the same result using your "regular" taxable income (2019 Form 1040, 10)."

So it is looking for taxable income. But this guidance page also references the wrong 1040 line number for 2019. Line 10 was "taxable income" in 2018 form 1040.

joshsisson

Yes, it is still incorrect on Turbotax 2022. In the 2022 version of 1040, this is line 15. Turbotax, your welcome. Feel free to deposit funds to me directly for correcting this error using the same account info for my federal refund.