A new client brought prior year's (2023) Sch D. The short term loss was $4K, the long term loss was $22K. Is that what I put in the carryover worksheet? What does the worksheet do with the $3K he used last year -- will it subtract 1.5K from each?
You don't use the carryover worksheet that is filled out automatically when you do current years taxes. You need to use the "federal carryover worksheet" line 12, and 13 are for capital losses. You would have a ST loss of $1000,( $3000 was used in 2023) and a LT loss of $22000.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
