How to Carry Forward a Loss When Filing Single
- 1). Gather your tax documents from the prior year, including the tax refund itself, the 1099-B form you received when you sold your stock or mutual fund and the capital gain and loss worksheet you completed to calculate your total tax loss.
- 2). Determine the amount of the total tax loss you incurred and the amount you can carry over. You can deduct up to $3,000 in capital losses in a single year, but you must carry over anything in excess of $3,000 to the following year.
- 3). Complete a tax loss carryover worksheet. Use your brokerage or mutual fund statement to determine the capital loss, then use that to complete the worksheet.
- 4). Fill out the Schedule D for the previous year. Record the amount of the capital loss carryover for the current year. If your carryover amount is more than $3,000, you will have to carry over the additional to the following year.
Source...