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May 24, 2024
Question

What shall I do since I missed the carryover loss for 2022 tax file? I dont have tax form for 2023 broker account since I did not trade anything. How to carry over loss?

  • May 24, 2024
  • 2 replies
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2 replies

VolvoGirl
Employee
May 24, 2024

Do you need to amend your 2022 return to add it?   You can't skip a year.  Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year.  You can't choose when to use it.

 

Enter a Capital Loss Carryover under

Federal Taxes or Personal (Home & Business)

Wages and Income

Then scroll down to Investment Income

Capital Loss Carryovers - Click the Start or Update button

You enter the full amount that carried over, not just the 3,000

rjs
Employee
May 24, 2024

Are you saying that you had a capital loss on your 2021 tax return, and you did not carry it over to 2022? You cannot assume that your capital loss carryover would be reduced by $3,000 in 2022. It might be more than $3,000 or less than that. You have to amend your 2022 tax return to include the carryover from 2021 in order to correctly calculate the carryover from 2022 to 2023. You do not have to wait for your 2022 amended return to be processed before you file your 2023 tax return, but you have to at least recalculate the 2022 tax return to make sure you get the correct carryover amount for 2023.


When you enter the capital loss carryover in your 2023 tax return, TurboTax will ask you if you know the carryover amounts. DO NOT select "Yes, I know my capital loss carryover amounts." Select "No, I need help figuring out my capital loss carryover amounts." It will then ask for certain information from your 2022 tax return. Enter the information from your recalculated or amended 2022 tax return, not from the original 2022 tax return that omits the capital loss carryover.

 

fanfare
Employee
May 25, 2024

Even if you did not trade, you still get a max ( $3,000 ) deduction on schedule D.

The carryforward numbers come from your prior years worksheets.

You must keep filing until it is used up.

 

@ff661