Say I had a significant stock loss in 2022. Does anyone know if Turbo Tax tracks capital loss carryover over multiple years? Should I hire a tax man?

Back to index fund investing for me.

It provides you a carry over worksheet to put in the forms next year. Same as what the tax guy provides.

Not an accountant, but I suggest if you are carrying a loss to hire one. Most accountants should be able to show you how to save more on taxes than there bill.

Retired CPA and used much more costly software than Turbo Tax but if you are comfortable with doing your own return, I would assume that Turbo Tax should keep up with the carryover year to year. You need to understand the rules as to how you can use a capital loss carryover (and the rules for that are not complex) and then verify that the software is treating it as you understand it should be treated.

Spaceship said:

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Turbo Tax did mine perfectly today actually - seemed to work well.

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Thank you. I'm wondering if it will remember carry over loss balances and apply them to future year gains?

Perhaps I need to reach out to the Turbo folks.

Thanks to working in O&G I have carried capital losses on and off for years and Turbo Tax handles it fine, it's not a complicated process to track.

ETA: The software does a good job in the dashboard of showing the PY carry over amount and changes made in the current year so that you can get comfortable with the roll forward math.

Bird Poo said:

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Say I had a significant stock loss in 2022. Does anyone know if Turbo Tax tracks capital loss carryover over multiple years? Should I hire a tax man?

Back to index fund investing for me.

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What do index funds have to do with it?

strbrst777 said:

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The $3000 annual limit is absurd...a loss is a loss. i do not know when the limit was set at $3000, but it has not changed in many years. The IRS is in my view has way too much power. Thank the politicians for letting the IRS and other bureaucrats run roughshod over us citizens. Congress passes laws and bureaucrats write hundreds if not thousands of pages of regulations to suit their whims and agendas.

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strbrst777 said:

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The $3000 annual limit is absurd...a loss is a loss. i do not know when the limit was set at $3000, but it has not changed in many years. The IRS is in my view has way too much power. Thank the politicians for letting the IRS and other bureaucrats run roughshod over us citizens. Congress passes laws and bureaucrats write hundreds if not thousands of pages of regulations to suit their whims and agendas.

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Yep it is completely absurd that the value has not been adjusted.

I dont think "IRS has too much power" is the issue. The issue is politicians that LOVE to make promises about the tax code when running for office but doing the bare minimum while in office. Both parties. Rather fight over BS in hopes to win reelection vs trying to do the right thing and making the process better. (this is true about a number of issues...not only taxes)

edit: The IRS may also have too much power. I'm not saying they do or do not. But thats not the biggest issue.

Nowadays tax changes only get done as last minute band-aids on Dec 31. No one can agree on anything of substance. We have a big light coming at us through the tunnel in a few years when the estate tax exemption is scheduled to go back to the old exemption levels absent congressional action.

2wealfth Man said:

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Nowadays tax changes only get done as last minute band-aids on Dec 31. No one can agree on anything of substance. We have a big light coming at us through the tunnel in a few years when the estate tax exemption is scheduled to go back to the old exemption levels absent congressional action.

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Yeah. It'll be a good time to be an estate attorney