Massachusetts 2011: Prior Year Capital Loss Carryover-Transferred
Massachusetts taxpayers, who had capital losses on investments they sold in previous years, may be able to use those losses to offset their current year capital gains on investment sales.
Certain customers, who had unused Massachusetts carryover investment losses from prior years, may have filed an incorrect Massachusetts tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following are true:
- You filed your 2011 Massachusetts tax return before February 4, 2012 AND
- You previously used TurboTax to file a 2010 Massachusetts Income Tax Return AND
- You transferred your 2010 Massachusetts Income Tax Return information to your 2011 return AND
- You had an amount on your 2010 Massachusetts Schedule D, Line22
If you are affected, your may have overpaid your Massachusetts tax. You may need to amend your Massachusetts tax return.
You can make the corrections yourself.
- To do it yourself, please follow these step-by-step instructions.
- After you make the changes to your tax return, you will need to mail a copy of your amended state return.
- Your printed return will include instructions on how and where to mail it.
- If you need assistance, call us at the phone number in the email.
Or let us do the work for you.
- Please download and print this Authorization Form.
- Complete the form and fax it to us at the number printed at the top of the form.
- A TurboTax representative will contact you (within 15 days) when your corrected return is ready to be securely emailed back to you.
- You can print, sign, and mail the corrected return to the state taxing authority.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Massachusetts 2011: Transferred Loss Carryover.