California Schedule D

Forum|Forum|3 years ago
March 15, 2023
2 replies
0 views

What is California Schedule D? I imported my last year federal and has carry over populated but it asked me to look at my California Schedule D for carry over. I don't find I have a form on my California 540 last year. Does that mean I have none? Also shouldn't Turbo Tax know I have one or not when I have been using it to prepare my taxes for 25 years.

ThomasM125

TurboTax should carry your losses over automatically, but sometimes the program will ask you to check on things like that for a variety of reasons.

California Schedule D is used to reconcile captital gains and losses reported on your federal tax return with those allowable in California. If you had more losses than were allowed, you would have a carryover to the next year. You would have a California Schedule D if you had capital losses in 2021, so if you don't have that form it may mean you don't have a loss carryover. I suggest you look on your federal Schedule D and see if there is a loss on line 21. If the amount on line 21 is a loss of $3,000, that means you are deducting the total capital loss alllowed for the year of $3,000, so you probably have a loss carryover that you weren't able to use in that year.

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

SLYKTAXAuthor

Thanks.

It is weird that at line 6 on my2021 D (540), it was blank. But on my California Capital Loss Carryover Work sheet , line 6 is 3960, line 7 is 3000 and line 8 is 960. Line 8 said "This is your capital loss carry to 2022. "

Should I entered 960 on 2022?

DaveF1006

Check your 2022 Schedule D to see if $960 is recorded in Line 6 of your CA Schedule D. Your 2021 CA Schedule D line 6 should be blank if you didn't have carryover losses from 2020.

@SLYKTAX

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