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Carryover loss

Forum|Forum|5 years ago
January 18, 2021
2 replies
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If I have losses from previous years and use the standard deduction for the current tax year (married filing together), will my losses just carry forward to the next tax year?

Best answer by Anonymous_

TurboTax will generally carry forward losses, such as excess capital losses and suspended passive losses, from the previous tax year to the current tax year.

However, TurboTax does not calculate net operating losses nor carry NOLs forward.

A

Anonymous_Answer

TurboTax will generally carry forward losses, such as excess capital losses and suspended passive losses, from the previous tax year to the current tax year.

However, TurboTax does not calculate net operating losses nor carry NOLs forward.

R

robert qlwmqn

My 2021 taxes are showing a carryover loss from the 2020 taxes. It should not be there. How do I remove it from the 2021 section 4.65d in miscellaneous expenses?