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First time using TurboTax
Old 11-22-2022, 02:40 PM   #1
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First time using TurboTax

Want to try doing my taxes myself for 2022. Can someone tell me where I can look on my 2021 return to see if I have any carryover loss. Is there a place on TurboTax to enter that info? Will TurboTax capture and save my carryover loss from year to year or will I have to keep up with it and manually enter it each year?
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Old 11-22-2022, 03:05 PM   #2
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I don’t remember where it shows up on the return, but Turbo Tax will keep track of it from year to year once you enter the amount the first time.
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Old 11-22-2022, 03:12 PM   #3
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Want to try doing my taxes myself for 2022. Can someone tell me where I can look on my 2021 return to see if I have any carryover loss.
In your last return you should find a "Capital Loss Carryforward Worksheet" which is not filed but kept as part of your records.
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Old 11-22-2022, 03:28 PM   #4
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In your last return you should find a "Capital Loss Carryforward Worksheet" which is not filed but kept as part of your records.
Great! So if my return does not have one I assume I had no carryover loss..
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Old 11-22-2022, 03:29 PM   #5
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Great! So if my return does not have one I assume I had no carryover loss..
I donít think thatís a fair assumption. Who prepared your return last?
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Old 11-22-2022, 03:44 PM   #6
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In your last return you should find a "Capital Loss Carryforward Worksheet" which is not filed but kept as part of your records.
I have no "Capital Loss Carryforward Worksheet". But I do have a "Return Carryover Summary" that shows some "Non-Recaptured Net Section 1231 Losses" and some "Qualified Business Income Deduction Carryforward "
Are those losses I can carryover?
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Old 11-22-2022, 03:54 PM   #7
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I'm not sure how those are handled, but I'm confident that if you enter them in TT, it will handle them correctly. Typically, what I do when in unfamiliar territory, is let TT handle it but then I research it so that I understand it to be done correctly. It helps the research to see how TT handled it. I never rely totally on the software. Thankfully, my return is simple and consistent with prior years, so nothing new to deal with.
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Old 11-22-2022, 06:53 PM   #8
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Net capital loss deductions are limited to $3000 per year. Any excess is carried over.

So if you did not show a $3000 capital loss on line 7, there is no carryover.
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Old 11-22-2022, 07:09 PM   #9
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Net capital loss deductions are limited to $3000 per year. Any excess is carried over.

So if you did not show a $3000 capital loss on line 7, there is no carryover.
I have a positive number on line 7 so I don't need to worry about losing anything if I do TurboTax for 2022....Correct?
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