topic Re: Net capital loss carry back in Troubleshooting

Net capital loss carry back

jimcar — Tue, 08 Apr 2025 20:10:44 GMT

I have a net capital loss in 2024 and want to carry it back to a previous year but I cannot enter the amount in the 2021 year on T1A form. How can I apply my 2024 loss to 2021 gain? Turbo Tax T1A form shows that there would be no need to change 2023 T1. Is this correct?

Re: Net capital loss carry back

JoanneLH — Thu, 10 Apr 2025 17:02:27 GMT

Net capital losses of a current year can be carried back to any 3 previous years within the current year Turbotax return.

You'll navigate to the "Losses" section within your 2024 Turbotax product, indicate you want to "Request a loss carryback", and continue until you reach the "Net Capital Loss Carryback" screen, where you will see entry fields to apply the available net capital loss to any of the three previous years.

You can enter the amount of the net capital loss you want to apply to each year. This process files a T1Adj for the year the loss is applied, and you will receive a Notice of Reassessment for the respective year(s).

@jimcar

Re: Net capital loss carry back

jimcar — Fri, 11 Apr 2025 10:56:36 GMT

No. I can't find the box to choose Request for Net Capital Loss Carry Back. Losses under Form Lookup gives me a choice for S3 or Loss Worksheet. Where is the box?

Re: Net capital loss carry back

TurboTaxAniqua — Fri, 11 Apr 2025 13:33:08 GMT

Select Find and enter losses in the search bar
Select Losses from the search results, then Go
Select the Request for Loss Carryback box
Select Continue until you reach the Net Capital Loss Carrybacks screen
The maximum net capital loss that you can carry back is listed. Enter the amount(s) you wish to carry back for each applicable year, then select Continue

Re: Net capital loss carry back

JoanneLH — Fri, 11 Apr 2025 14:49:52 GMT

Working in Forms mode in Turbotax Desktop, you'll instead lookup the T1A form, selecting "Request for Loss Carryback" from the list.

Your net capital loss available for carryback is found in Part 5, on line R, and below you will indicate the respective year adjustments.

@jimcar