Capital Gains Estimator incorrect Loss Carryover

Robin

With my Quicken data file, the Capital Gains Estimator is insistent on using a $100,000 Short Term Loss Carryover no matter what values I try to enter into the Estimator tool. I have tried selecting the 'Enter different values' option and entering positive, negative and zero values in the form, but as soon as I hit 'Next', those values disappear and the Detailed Calculations for Before Proposed Sales and After Proposed Sales use a short term loss carryover value of $100K.

I have checked the Tax Planner and the carryover loss values are zero for both short and long term. I have tried 'Update YTD capital gains', I have run a Validate & Repair on my Quicken file including Validate and Rebuild investing lots. I have no placeholder entries. The $100K loss carryover does not appear on any other report or tool I can find. I'm totally frustrated at trying to find and correct this issue.

Does anyone have any ideas? In am running Quicken Windows 2019 R21.17.

hinkej

I have this same issue. No matter what I do, the $3000 loss carryover will not go away or reset. I spent 1-1/2 hours with chat support yesterday to no avail. Doesn't anyone else use this tool? Please help.

Quicken_Tyka

Hello @hinkej

Thank you for taking the time to visit the Community to report your issue, although I apologize that you have not yet received a response.

We'll need a bit more information to be able to assist.

Please take a moment to review the information available here and post back to let us know what release of Quicken you are using. 

Are you able to capture a screenshot of the issues you are seeing? 

The more information you can provide regarding this issue will help the Community to better understand and assist.

Thank you,

-Quicken Tyka

hinkej

Hi Tyka, Thanks for your response. My version is 2020 (subscription) , Version R30.19, Build 27.1.30.19. I do not have the editing tools showing above my post so cannot add the screenshots i have captured. Can you tell me why that might be? I've tried two different browsers, Firefox and Edge

hinkej

Tyka, In the what-if scenarios, I have selected stocks to sell that will generate ~$6000, with ~$3000 being the gain. With no carryovers, this should generate ~$450 of increased fed taxes (15% of 3000). The first sign of an issue is that the Total Gross Proceeds results shows an estimated Fed and State tax impact of $4. The problem is shown succinctly when the before and after Details at the bottom of the what-if screen are expanded. In the photos I cannot post, you could see that there is a $3000 loss carryover that is ALWAYS applied. I have used the Tax Planner carryover Rates which show $0 for loss carryovers, and I have set them manually to 0 as well. But the $3000 loss carryover is now forever permanently embedded in my results. I cant seem to clear it out.

Quicken_Tyka

Hello @hinkej

Thank you for taking the time to capture a screenshot. To share the screenshot with the Community, please drag the image into the comment box.

This will link the screenshot to the comment and allow us to see the image.

I apologize for any confusion on the steps for sharing a screenshot with the Community.

Thank you,
-Quicken Tyka

hinkej

Tyka, Thanks for the instruction. here are the screenshots.

Jeff

Jim_Harman

Do you have a capital loss carry over from previous years?

The 3000 may have to do with the limit you are allowed to deduct.

hinkej

Not any more. I had a loss carryover several years ago, but the last bit of that was used on my 2018 tax form. I did use the Quicken capital gains estimator (Q2017) back then with the -$3000 value. At this point, I'm avoiding using the Quicken tax planner as not enough of my downloaded transactions are handled correctly for it to be useful. No matter, it has a current $0 carryover value in it anyway. Alternatively, I have manually entered the carryover in the CG Estimator to be as $0 as well, but the CG Estimator loss carryover remains at -$3000 no matter what. There apparently is no way to totally clear the CG Estimator values to start from scratch.

So I am left with entering the sale transaction(s) "for real" for what I am researching, then running Quicken's capital gains report to get the info I am looking for, and then deleting those sale transactions. It's more work, and with the Estimator tool available for this purpose, it's work that shouldn't have to be done. And doing "what if's" in this manner are clumsy, at the least. Alternatively, an EXCEL spreadsheet could be used but that has its own set of issues.

It seems that a coded variable, or more than one, in the CG Estimator are "stuck" and a fix should be provided. The CG Estimator could be a useful tool if a few issues could be sorted, this being one. I think it needs a good scrubbing by the software team.

The print output also is not very useful. If Step 2 is expanded to show lots, and there are enough lots to get a scroll bar, the only lots that show in the printout are whats visible on the screen.