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February 19, 2025
Question

Turbotax 2024, interpreting wrongly the carryover capital loss for california tax return

  • February 19, 2025
  • 1 reply
  • 0 views

I am preparing 2024 taxes using Turbotax 2024. I have carryover capital loss of $1776. No more carryover capital loss for 2025. 

 

On Schedule D for California tax return,  line 10 has -1776, but line 12b has 1776.

 

On California 540 form, line 16 has 1776 and it gets added as an income. This seems incorrect,.

 

Thanks.

    1 reply

    February 25, 2025

    If you have a loss on Line 10 for your California Schedule D, and line 12b has a positive number, that number represent the difference between Line 10 and Line 11. That difference is then entered on Schedule CA (540), Part I, Section A, line 7, column B.

     

    Do you have a loss on your California Schedule D, and is it larger than the Federal loss?

    If so, does your California Schedule CA show a Subtraction on Line 7 for the additional loss?

     

    It's possible that the amount was added rather than subtracted depending on how you answered the question below (see screenshot):

     

    If you entered the carryover loss in this field as a negative number, that could account for why the amount was added rather than subtracted.

     

    If you believe the calculation is incorrect, in order for us to troubleshoot this issue, you can send us a “diagnostic” file that has your “numbers” but not your personal information.  If you would like to do this, here are the instructions for TurboTax Online users: 

     

    Go to the black panel on the left side of your program and select Tax Tools. 

    1. Then select Tools below Tax Tools. 
    2. A window will pop up which says Tools Center.  
    3. On this screen, select Share my file with Agent. 
    4. You will see a message explaining what the diagnostic copy is.  Click okay through this screen and then you will get a Token number. 
    5. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.  

     

      Here are the instructions for TurboTax Desktop users:

     

    1. From the black bar at the top of your screen, select Online
    2. Click Send Tax File to Agent
    3. Click Send on the message that pops up
    4. TurboTax will create a "sanitized" copy of your return information with no personal info
    5. Post the 7-digit token number here in this thread

     

    We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

     

     [Edited 02/24/25| 5:36pm PST] and @Lalitha1 :  (edited) 

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