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My carry over losses for Federal are different than State (Wisconsin), how do I administer this in TurboTax when it's only asking for Federal carry-over?

Forum|Forum|1 year ago
March 16, 2025
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Best answer by MonikaK1

When you enter information in the Federal section of TurboTax, the information will flow through to your related State returns. The State interviews provide questionnaires where you are asked about types of income and deductions that are treated differently by that state.

When you start the Wisconsin return in TurboTax, go through all of the interview screens carefully and answer the questions. When you get to the screen, "Here's the income that Wisconsin treats differently", go through the list of items, answer the questions and enter any needed changes.

If you are using TurboTax Online, you can preview your return before filing to find out how your taxes were calculated. See here for details. In TurboTax Desktop, you can switch to Forms Mode by clicking on Forms on the top menu.

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Mike9241

what type of carryover losses? State laws can differ from Federal resulting in different carryovers

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tjhurlebausAuthor

These are simple short term and long term losses from selling stock. The reason I have a difference between Federal and State is that up until last year, Wisconsin only allowed a $500 limit on equity losses. Last year that changed and now Wisconsin matches the Federal limit of $3000. So, for the multiple years that Wisconsin had the $500 limit, I continued to carry-over losses that never match my federal carry-over. This is my first year using TurboTax, I've always used the H&R Tax software and that allowed for the administration of this difference.

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MonikaK1Answer

When you enter information in the Federal section of TurboTax, the information will flow through to your related State returns. The State interviews provide questionnaires where you are asked about types of income and deductions that are treated differently by that state.

When you start the Wisconsin return in TurboTax, go through all of the interview screens carefully and answer the questions. When you get to the screen, "Here's the income that Wisconsin treats differently", go through the list of items, answer the questions and enter any needed changes.

If you are using TurboTax Online, you can preview your return before filing to find out how your taxes were calculated. See here for details. In TurboTax Desktop, you can switch to Forms Mode by clicking on Forms on the top menu.

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