I have capital losss carry forward but turbo tax will not allow me to override what can I do? it is not allowing any of the carry forward

[TurboTaxSusan]

Are you trying to use a capital loss carried forward from a previous year or are you trying to carry forward a 2024 loss into the future?

[kerry2000]

carry forward from prior year to 2024

using easy step to complete

[TurboTaxSusan]

First enter your Capital Gains for the year. Then go to the Losses section & check off "Net Capital Loss Carry Forward". Continue until you get to that page. Enter your capital losses from previous years and then click Continue to get to the page where you can enter how much of the loss carry forward you want to use for the current year.

You can only use a maximum of whatever your taxable capital gains are for the year. Remember that only 50% of your total capital gains are taxable, and that's reduced by any losses that you had in the current year (before any previous year's losses are applied). 

[jerry35]

Hi,

I'm using Turbo Tax Standard in Canada. I can't find the losses section or it doesn't pop up after entering  my capital gain.

[jerry35]

Also, can't find

"Net Capital Loss Carry Forward".

My opening information in Turbo Tax does correctly show the net capital loss carryforward but it is not being applied to the 2024 capital gain.

[TurboTaxSusan]

@jerry35 

If you are using TurboTax Desktop you can search for the Losses using the Find tool. 

If you are using TurboTax Desktop in Forms mode, you can search for the Loss worksheet by clicking on the Forms icon in the blue icon bar.

The Losses section of TurboTax allows you to add the following to your return:

• Allowable Business Investment Losses (ABIL) 
• Non-Capital Loss Carry Forward 
• Farming or Fishing Loss Carry Forward 
• Listed Personal Property Loss Carry Forward 
• Net Capital Loss Carry Forward 
• Limited Partnership Losses 
• Request for Loss Carryback