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April 1, 2023
Question

Why can't I file without a Schedule D if I don't want to carry over my Capital Losses?

  • April 1, 2023
  • 1 reply
  • 0 views
I have a Capital Loss carryover from 2021 of less than $30.  I don't want to carry over the loss, but Turbo Tax is requiring me to, which requires a Schedule D - meaning I can't use the Free Edition.  How do I avoid this?

1 reply

JosephS1
April 1, 2023

You cannot avoid this unless you first, access your 2021 return via the amending process but you will not have to actually amend, and then deleting the carryover in the 2021 return.  Secondly, you will have to clear and start over in 2022 so when you import your 2021 data there will not be any carryover to be imported.  Then again, finally, re-entering what you will be deleting to restore all data as it was originally filed for 2021.

 

To first amend, while not amending, follow the steps below:

  1. Make sure you are in "Tax Home" and scroll to the bottom where it shows "Your tax returns and documents" and click on the down arrow.
  2. Click on 2021, and click on "Amend" with the reason being "Add a state".  This will gain you access to your 2021 data.
  3. Navigate to the capital section of carryover section, whichever carries your carryover information and delete what affects your carryover into 2022.

Return to your 2022 return, click on "pick up where you left off", then look to the left side of your screen, click on the down arrow at "Tax Tools" then click on "Clear and Start over".  You will being the process of importing the 2021 data again and the carryover amount should no longer be there.

 

Once re-imported, you should once again click on tax home, then 2021 amend, repeating the steps above, and re-entering the data you deleted to be sure all is as it was prior to deletion.  Without your actual data, I cannot be sure the above will work but believe it will.

 

@nickfrank123 

 

 

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