First time using TurboTax

[lawman]

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?

 

[Jerry1]

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.

 

[braumeister]

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.

 

[lawman]

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..

 

[Jerry1]

Great! So if my return does not have one I assume I had no carryover loss..

I don’t think that’s a fair assumption. Who prepared your return last?

 

[lawman]

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?

 

[Jerry1]

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.

 

[Montecfo]

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.

 

[lawman]

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?