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gman1981
February 11, 2025
Solved

Amending capital loss carryover

  • February 11, 2025
  • 1 reply
  • 0 views

TT did not use the correct capital loss carryover amounts in 2021. I have read that I may be able to e-file corrected amounts for 2021,2022 and 2023 electronically. I have few questions

  1. Can I amend capital loss carryover prior 2021 via paper copies and mail them.
  2. If I am to e-filing 2021,2022,2023, how can I electronically file them via TT
    Best answer by KrisD15

    1. No the time limit for amending returns has expired for tax years 2020 and earlier.

     

    2. Yes, if the original return was efiled, the amended return can be efiled as well. 

     

    HERE is a link for more information about amended returns

    HERE are the steps to take using TurboTax

    1 reply

    KrisD15
    KrisD15Answer
    February 11, 2025

    1. No the time limit for amending returns has expired for tax years 2020 and earlier.

     

    2. Yes, if the original return was efiled, the amended return can be efiled as well. 

     

    HERE is a link for more information about amended returns

    HERE are the steps to take using TurboTax

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    G
    gman1981Author
    February 12, 2025

    Thank you.

     

    Your response was very helpful and i was able to rectify the 2021 tax return.

    1. Do i need to wait till they evaluate that amendment or can i send the 2022, 2023 concurrently?

    2. This might also delay my tax submital for 2024, should i go ahead and submit the 2024 tax return with corrected capital loss carryover or do i need to wait till every amendment is accepted?

    D
    DianeW777
    February 12, 2025

    Questions are answered below.

    1. No, you do not need to wait.  You can send each amended return now however mail each one separately.
    2. Yes, go ahead and send the 2024 tax return with the correct capital loss carryover.  Do not wait for the amendments to be reviewed or accepted. 

    The IRS will work through the returns as they are received and reconcile one to another as they get to them.

     

    @gman1981 

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
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