1040X Carryback Claim 2021 information transfer to 2022 to amend 2022

Forum|Forum|1 year ago
September 25, 2024
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I filed amended returns for 2020 and 2021 both were "Carryback Claims". In 2020 a long term capital loss was incorrectly reported as a short term loss. The IRS has completed the 2020 1040-X and no change was required. The 2021 1040-X is in process with the IRS. I must file the 2022 1040-X now (soon). Then I will file my 2023 taxes before the extension date of Oct 15, 2024. My reason for the amendments is that I had a long term capital gain in 2023 and need the long term capital loss correct in order to be taxed the correct amount. The question is: Can I get the 2021 1040-X info into my 2022 Turbo Tax Deluxe CD for the Amendment 1040-X to file for 2022?

Or do I need to put the figures in myself. Will the Capital Loss carryforward worksheet update or do I need to manually insert the figures?

Best answer by marctu

With doing multiple amendments, 2020 and, you most likely did not transfer the amended tax file from 2020 prior to starting the 2021, so the Capital Loss carryforward worksheet should be manually adjusted for 2022. If you have not started 2023, you can start with the amended tax file for 2022 and it should have the correct Capital Loss carryforward for 2023.

Thank you for the opportunity to answer your questions @Medicineman

All the best,

Marc T.

TurboTax Live Tax Expert