Capital Loss Carryover California

Forum|Forum|2 years ago
February 17, 2024
1 reply
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When beginning my California state tax return, turbotax provides my capital loss carryover amount from my federal return. On the same page, I am then asked to enter my California capital loss carryover amounts (standard and AMT). I don't believe my California amount differs from my federal amount. I have always been a California resident. Do I then enter the same dollar amount as the federal capital loss carryover or do I leave it blank if there is no difference? The California refund amount changes if I enter the federal amount and remains the same if I leave this page blank. Thanks in advance for any guidance.

JotikaT2

It depends.

I recommend going back to your 2022 California income tax return to ensure you report the correct carryover amount on your state return for 2023.

You will be able to find this information on your 2022 California Capital Loss Carryover worksheet. Scroll down to the bottom of the link to determine the amount of your carryover to 2023.

Once you have confirmed the California capital loss carryover amount from 2022, you should then look at your forms within the program itself to confirm whether the California carryover amounts have pulled in or not.

To check this, click on Forms on the top right of the program if you are in the desktop version of the program.
Scroll on the left panel to California and scroll down to Sch D Wk to open the California Carryover Worksheet.
Scroll down to Line 9a. If your carryovers have pulled through, you will see an amount on this line and will not have to enter anything in the interview section.
However, if Line 9a is blank, go ahead and select Step-by-Step on the top right of the program and enter the amounts on the screen titled Capital Loss Carryover from 2022 in the state interview screens.

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DYinSB

I think the orig question is the same as mine..... If Fed and CA carryover the same then leave CA field blank or type in same fed amount in CA field. Guess Ill just type in same number