Dealing with Capital Loss Carryovers

I've checked through the forum and have ask specifically on this issue, but still can't figure how to account for a Capital Loss Carryover. As an example, let say your Regular Assets consists of $1M dollars of Mutual Funds throwing off $30K in annual income from Capital Gains and Dividends. Suppose you have $200K in Capital Losses carried over from last years Federal tax return. It seems there would be several years at this rate that the annual income from the mutual funds would not included in your MAGI for tax purposes.

How would this be accounted for in ESP. I've tried to simply input the numbers into the Assumption>Taxes page with -200,000 in the "Unrealized long-term capital gains/losses on regular financial assets. And put the "Share of taxable regular asset income received as capital gains or dividends to 100%. This didn't seems to make that much difference from leaving both these entries at 0.

Another confusing point is in the Federal Taxes - Joint Filer report in the .pdf output. What is the source of Nom Assets Inc? Exactly what is it?



Hi, You can call me to discuss this at 617 834 2148. But it sounds like you are entering everything correctly. We are realizing the capital loss or gain gradually over the rest of your life. Nominal Assets Inc is the nominal income on your regular assets.

best, Larry