Entering Capital Loss Carryovers in ProConnect Tax

This article explains how to report capital loss carryovers.

Table of contents:

How to enter the carryover for existing clients

• Capital loss carryovers will automatically transfer from a prior year into the appropriate input field.

How to enter the carryover for new Individual returns

1. Go to Input Return ⮕ Income ⮕ Dispositions (Sch D., ect.) ⮕ Schedule D/4797/ect.
2. Select Carryovers/Misc Info in the top right corner of the screen.
3. In this screen you will enter the carryover amounts in the applicable fields for both regular and AMT.

How to enter the carryover for new Corporate returns

1. Go to Input Return ⮕ Income ⮕Dispositions (Sch. D/4797/etc.)
2. Select Carryovers/Misc Info from the top right corner of the screen.
3. Locate the Schedule D (Miscellaneous) section.
4. Under the Capital Loss Carryover subsection, enter applicable amounts as they appear on Schedule D.

How to enter the carryover for new Exempt Organization returns

1. Go to Input Return ⮕ Revenue ⮕Dispositions
2. Select Misc (C/O, CGD, etc.) from the top right corner of the screen.
3. Locate the Schedule D section.
4. Under the Capital Loss Carryover (Corps.) subsection, enter applicable amounts as they appear on Schedule D.

How to enter the carryover for new Fiduciary returns

1. Go to Input Return ⮕ Income ⮕Dispositions ⮕ Schedule D/4797/etc.
2. Select Carryovers/Misc from the top right corner of the screen.
3. Locate the Schedule D section.
4. Under the Capital Loss Carryover subsection, enter applicable amounts as they appear on Schedule D.
   • On Fiduciary returns, capital losses are only distributed to beneficiaries in the final year.