How do I ensure my 2020 net capital loss (from a non-registered account) is correctly included in TurboTax?

[mohamed_96]

Thank you for your question.

To correctly include your net capital loss, follow these instructions:

1. Select Find (or the magnifying glass icon).
2. In the Find window, type losses.
3. Select Losses from the list of results, then Go.
4. On the Your Losses Profile for 20xx step, select Net Capital Loss Carry Forward, then Continue.
5. On the Net Capital Loss Carry Forwards screen, fill out the fields using information from your Notice of Assessment or Notice of Reassessment from the previous tax year, then select Continue.
6. On the Net Capital Losses Being Claimed screen, fill out the field(s) if applicable, then select Continue.
7. On the Carry Forward of 2000 Capital Gains Inclusion Rate screen, fill out the field if applicable, then select Continue.
8. If the Tax on Split Income (TOSI) screen appears, answer the question, then select Continue.
9. If the Carry Forward of 2000 Capital Gains Inclusion Rate screen appears again, select Continue.
10. The deductions summary screen appears.

After you finish, here's how you can check the amount of losses being used against current-year taxable capital gains:

1. Select Find (or the magnifying glass).
2. In the Find window, type deductions.
3. Select Deduction Summary from the search results, then Go.
4. The amount is displayed next to Losses of other years. If the number next to Losses of other years is 0, that means there are no capital gains to deduct from.

For more information, please visit the following links:

How do I deduct losses?

Where do I report capital gains or losses in TurboTax Online?

If you have any questions, please contact us.