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How to enter lt capital loss carryover in schedule D proseries 2020?

taxguyak
Level 3

I'm working on a new client's tax return who has a capital loss carryover from a 2015 stock sale. Do I actually have to enter all of his tax returns since 2015 into proseries to get the capital loss carryover to go into the 2020 proseries?  That would be a massive amount of work.

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Camp1040
Level 8

Go to your 2020 Schedule D line 14 and click into the carryover worksheet and manually enter the known amount of the carryover in the 2019 column and it will carry to the schedule D

If your don't know the amount of loss carryover that is a whole different issue.

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10 Replies 10
PATAX
Level 11

No you should not have to re-enter everything back from 2015. The short-term capital loss carryover and the long-term capital loss carryover should come forward from the 2019 return automatically.

PATAX
Level 11

If it is a new client then get the capital loss carryovers from the 2019 return. There should be somewhere on the software where all you will have to enter are the capital loss carry forward to 2020

chasetax
Level 7

look for fed'l carryover worksheet

PATAX
Level 11

Yes that is correct but sometimes there is not a federal carryover worksheet. If that is the scenario then you should be able to find the information on the return

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Camp1040
Level 8

Enter the long term loss carryover on line 14 Schedule D worksheet, I think that is what you are asking.

taxguyak
Level 3

OK thanks, it was line 13a Federal Carryover worksheet .  That was the solution.

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chasetax
Level 7

I am sorry, thought you knew what the carryovers were.  you might be able to figure out the carryover by looking at the schedule d also

taxguyak
Level 3

I'm looking at the 2019 Capital loss information Smart Worksheet in proseries 2020.  But there is no box to enter the remaining capital loss carryover from 2019

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Camp1040
Level 8

Go to your 2020 Schedule D line 14 and click into the carryover worksheet and manually enter the known amount of the carryover in the 2019 column and it will carry to the schedule D

If your don't know the amount of loss carryover that is a whole different issue.

View solution in original post

Camp1040
Level 8

I tried it twice and it works.

 

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