TurboTax 2022 Form 1040 - Capital Loss Carryovers on Schedule D

How to file your taxes with TurboTax?

In this video, I cover the basics of Capital Loss carryovers and where to enter those on Schedule D. We examine the 2021 tax return for our taxpayer (Schedule D & capital loss carryover worksheets) and use that information to update our 2022 tax return.

One of the most common mistakes taxpayers make when preparing their own tax return is not remembering to account for carryovers from prior years. In particular, one of the most commonly overlooked carryovers is short-term and long-term capital losses.

For other TurboTax 2022 tutorials videos, please see the following playlist:

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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

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[leahcolon]

Perfect explanation !! Addressed an often ignored tax situation and showed where to find the appropriate section of turbo tax to enter the information, and also how to check that it was entered correctly. Thank you for such a helpful and concise video!

[canyoncreeklabradors]

Excellent training and showing how to check and double check and see where everything is transferred!

[sandrab.]

Excellent, detailed presentation. 👍🌻

Thank You, Jason.

[timkimzach]

Perfect, exactly what I was looking for.

[MrRobertjparsons]

Excellent presentation, very orderly and complete. Thank you

[edtravelbug]

Great video - for once I understand the capital loss carryover info and how it is used.
Question = If I have a large amount of capital loss carryover can I decide how much can I use during each subsequent calendar tax year/return or am I forced to use as much as possible until I get to the (-$ 3000) max allowed deduction each year.
Why do I ask = There are ACA Obamacare and a few other considerations that would warrant someone showing an income of lets say $ 25-30k per year and it seems like if you are retired and do not have a normal working income (no W2), you can be in a bind if you do not meet ACA lower thresholds of income. This might force someone to choose stocks/ETFs they normally would not choose (such as unqualified dividend stocks or covered all ETFs, etc) OR be forced to sell stocks when they do not want to show a capital gain to quickly eat up any/all capital loss carryover amounts.

[DebGoodman-keun]

If you have no income or low interest income - how do you carry over your Capital Loss Carryovers?

[alexmacdonald]

imagine paying for tax services. but on the real, it sounds like you have to manually enter these year after year for however many years you want to carry over, correct?

[lvyrself]

I’m trying to manual import my 2022 carryover loss but at the bottom it says “Now look at your California Form 540, Schedule D and enter your capital loss carryover, if any, as a positive amount.
California Capital Loss Carryover”.

[tedc]

Can you still e-file with turbo tax or do you have to mail in your tax return when capital loss carryover?

[choosehope]

Thank you for this informative video! Unfortunately last year’s tax return doesn’t include the worksheet. How do I recreate one?

[Dsuji]

Thank you very much. It is very clear. Have one question. On schedule D, Line A, column h is 6688 (2023 gain), Line 6, Column h is -6487( loss 2022).
Combine on line 7 is positive 201. Correct? Thank you! Can't find an account in my area. Have to ask expert on Youtube for help.

[lvyrself]

Can you please help me. At the bottom, it’s says

Now look at your California Form 540, Schedule D and enter your capital loss carryover, if any, as a positive amount.

Where do I find it or do do I calculate it? Thanks in advance.

[zhanglini]

If I carry a loss of $10, 000 over from 2022, and I have a capital gain of 1000 in 2023. Do I apply/use 4000 (1000 for capital gain, 3000 for ordinary incomes) in 2023, and carryover the remaining 6000 as "loss carryover" to 2024?
Or the 3000 limit is for capgain and ordinary income COMBINED?
Many examples on the internet, but nobody talked about this, clearly.
Thanks in advance

[hetaljasani]

Excellent video. Thank you very much. QQ about Carrybacks: I started trading stock futures contract in year 2022 and incurred the losses. Can I take this loss carry back to 2020 and 2021 return since I have stock/option profit on schedule D? However, in 2021 or prior, I don't have a profit for section 1256 contracts/straddles since I started it in 2022. But, I have profit for stock/option on Schedule D and I had taxable income and paid income taxes on it. I would appreciate the video or just quick answer. Thanks in advance.

[gieselman]

Thing is @6:48 into the video, there's no such "Capital Loss Carryover" listed. It looks like you're "revisiting" the area so you've already been through it once. Where do I enter the data initially?

[josueconde]

If I am entering for the first time capital loss how do I do that because I don’t see schedule d

[oliveroliverwarders]

In summary people need to fill out the capital loss carryover worksheet which can carefully guide you.

[theonemohecian]

Do you have to ammend last years return or can I carry forward automatically this year?