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Frank_Zuccarini

Solved

Why didn't TurboTax import my Capital Loss Carryover?

Forum|Forum|6 years ago
February 16, 2020
4 replies
0 views

Hi.

I have searched the community discussions, but cannot seem to find the exact help I need.

I am currently using the TurboTax Premier, on-line version. TT imported my last return's (2018) information, where I did have realized capital gains, and dutifully received $3,000 of my $20,000 Capital Loss Carryover against my gains. Because I had no stock transactions (and therefore no capital gains) in 2019, there is no capital loss carryover indicated on my 2019 Schedule D, Line 14. I would like to use $3,000 of my remaining $17,000 loss carryover against my Ordinary Income, but my only income in 2019 was from Social Security or my IRA (I am retired). Other questions/answers within this community indicate that this is entirely possible, but I will ask here:

Can I use my Capital Loss Carryover, or have I now lost it because I did not make any stock transactions in 2019?

If I can use it, where will it show on TurboTax's forms, and how do I enter it in the program if it has not been entered by the importation process? It has NOT shown up on my Schedule D, as it did for 2018, when it successfully transferred from my 2017 taxes.

Thank you for any help you can provide....................... Frank

TurboTax Premier Online

Best answer by ColeenD3

No, you did not lose it. Since you had no taxable income for 2019, there was nothing to apply the loss toward. If your only income is Social Security and will continue to be only Social Security, then you will not have occasion to use it.

If it did not carry forward, then you can manually enter it.

Open your TurboTax return, search for capital loss carryover, and then select the "Jump to" link in the search results.

ColeenD3Answer

If it did not carry forward, then you can manually enter it.

Open your TurboTax return, search for capital loss carryover, and then select the "Jump to" link in the search results.

Frank_ZuccariniAuthor

Thank-you Coleen. I appreciate your help.

Just one clarification, please. I also drew money from my IRA in 2019, and it is definitely taxed. Does that count as 'income', and can't my loss carryover be applied to that? Several questions and answers within this community indicate that it can, but I have trouble understanding all of this. Shouldn't the importation process have recognized this, and therefore populated the correct line in Schedule D? Or am I wrong in my understanding?

If I have to manually enter the carryover via the 'jump to" link, I am asked a host of questions regarding share value, and this information is lost to me as the loss occurred many years ago, and TurboTax has always imported the the previous carryover (minus $3,000, of course).

Again, thanks.................. Frank

ColeenD3

I think I remember a different, more easy entry. This is just a safeguard to make sure you don't put the incorrect amount. Not everyone is tax savvy.

Since you know what the number is that need to be entered, manipulate the program to give you that number.

serjay56

i have exactly same problem with TT & $3k carryover loss in 2018 return......if you receive an answer, please email - [email address removed]

ThomasM125

You will see an option to enter your capital loss carryover from the previous year in the "Investment Income" section of TurboTax as follows:

The routine in TurboTax will tell you where to look on your 2018 tax return to get the numbers you need to make sure you enter the correct capital loss carryover amount.

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

NotSuzy

I realize that this is an old thread, but I am running into similar difficulty with capital loss carryover not carrying over. I want to make certain that I understand the limitations of TurboTax correctly, because they seem unbelievable.

1. It appears that if even one tax year shows no capital gains or losses, all capital loss carryover from prior tax years disappears into the ether.

2. Users of TurboTax must keep track of their own capital loss carryovers, and all of the related capital transactions, because the TT product deletes prior carryover data if a single tax year sees no capital gains or losses.

3. If the TT program asks users to re-enter the details for past carryovers, we have to dig out a decade or two of tax returns and enter all the information AGAIN. Or we can try to "manipulate the program" into taking a single carryover value without substantiation, as one respondent suggested.

If my perceptions are accurate, it's insane. We are paying for a product that (allegedly) maintains *all* of our tax records in a single, secure, digital location. However easy or difficult it is for a TT user to track down and re-enter the information needed to apply a capital loss carryover is irrelevant. We are paying TT to do this record keeping for us.

I hope that Intuit realizes the absurdity of this deficit in their program and rectifies it promptly.

TIR1234

I NEED TO IMPORT

DaveF1006

if you can't import, you may need to manually enter the Capital Loss Carryover if you know the amount.

Go to federal>wages and income >see all income
Investment Income>capital loss Carryover

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Mprovince45

The message incorrectly states that there was no carryover from 2019 to 2020. There was. I did not carry over to this year and I am not sure what to enter where.

Irene2805

To enter your capital loss carryover from 2019, please follow these steps:

On the Wages & Income screen, scroll to the Investment Income section.
Click the Start/Update box next to Capital Loss Carryover.
On the screen, Did you have investment losses you couldn't claim in 2019? click the Yes box.
Continue through the screens, entering the requested information.

@Mprovince45