How to calculate capital loss carryover?

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TaxHelp
TaxHelp Member Posts: 3 Newcomer
edited April 11 in Filing my taxes

Loss from Schedule D (540), line 11, stated as a positive number.  (-1 on form. As a result changing this to a positive number and removing negative nubmer) 1

Amount from Form 540, line 17. 130,000

Amount from Form 540, line 18. 5,000

Subtract line 3 from line 2.If less than zero, enter as a negative amount. 125000

Combine line 1 and line 4. If less than zero, enter -0-. 125001

Loss from Schedule D (540), line 8. -1

Enter the smaller of line 1 or line 5. 1
Subtract line 7 from line 6. This is your capital loss carryover to 2023  (-1-1 =   ).   -2

Is my capital loss carryover -2?
I'm unable to enter a negative number. What should I enter? 0 or 2?

Comments

  • kiarab
    kiarab FreeTaxUSA Agent Posts: 58
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    Hello,

    So there is a slight error in your calculations. For line 6 (Enter the loss from Schedule D (540) or (540-nr)), line 8, it should be entered as a positive number and not a negative number.

    So line 8 will end up being 1-1, which equals 0. You should enter 0 there, Or say that you do not have any CA capital loss carryover.