Question

Carryback losses, Amount to be Carried Back

Forum|Forum|3 years ago
February 25, 2023
1 reply
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Hello, I have a question regarding this message. For 2022, I have 40k capital loss carryover (imaginary number).

Enter the amount of loss you plan to carry back from 2022. You will also need to file an amended return for the year to which you're carrying back the loss.

Is this saying I can carry back the losses to prior years (2018-2021)?

If I understood correctly, 3k is the max loss deduction per year, so would I be able to deduct 3k from my income for each prior year if I were to amend? The rest of the losses would carryover to forward years correct?

fanfare

Employee

If you have a net section 1256 contracts loss you can carry back some or all of that loss.

you can't do that with regular capital gains or losses from stock on Schedule D.

@00p299

0

00p299Author

I have a section 'Regulated Futures Contracts & Section 1256 Options 2022' under my WeBull tax form that is showing all of my SPX trades. SPX falls under 1256, so I input box 11 from my WeBull tax form into TurboTax. Shortly after is when I was prompted to carry back my losses. So box 11 is what I can carry back to prior years?

I'm going to assume that I can only carry back 3k per year rather than the entire sum against my income. Is this correct? Thanks! Appreciate the help a lot.

Below is what the tax form is showing.

Aggregate Short-Term Profit or (Loss): 40% - ####.##

Aggregate Long-Term Profit or (Loss): 60% - ####.##

11 - Aggregate Profit or (Loss) on Contracts - ####.##