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When will my amended return take effect in TurboTax?

Forum|Forum|6 years ago
May 6, 2020
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I recently realized I missed Capital Loss Carryover from my 2017 return in last year's 2018 return. I plan to amend my 2018 return to include that Capital Loss Carryover, so I can include it in this year's 2019 return. However, will I need to wait until the IRS receives my amended return and finishes processing it until the changes take effect here in TurboTax (so I can include the Capital Loss Carryover in this year's return)? It says it typically takes 12-16 weeks to process, which will be after the July 15 deadline. Thanks for any help.

Best answer by bluedeb

The IRS currently is not processing mailed in returns (amended or original returns). They will start processing mailed in returns once they re-open, so it will take longer to process the return. You don't have to wait until your amended return is processed to enter the information into your 2019 return.

You should be able to transfer your 2018 information into your 2019 return even if it has not been processed by the IRS, the transfer of prior year information must be done before you start entering information into your 2019 return. You can also manually enter the information from your 2018 return into your 2019 return.

How do I enter my capital loss carryover?

If you transferred last year's TurboTax return over, you don't have to do a thing—we've already entered it for you.

Otherwise, just open your TurboTax return, search for capital loss carryover, and then select the Jump to link in the search results.

We'll take you to the screen where you can enter that info from your prior year return.

bluedebAnswer

Employee

The IRS currently is not processing mailed in returns (amended or original returns). They will start processing mailed in returns once they re-open, so it will take longer to process the return. You don't have to wait until your amended return is processed to enter the information into your 2019 return.

You should be able to transfer your 2018 information into your 2019 return even if it has not been processed by the IRS, the transfer of prior year information must be done before you start entering information into your 2019 return. You can also manually enter the information from your 2018 return into your 2019 return.

How do I enter my capital loss carryover?

If you transferred last year's TurboTax return over, you don't have to do a thing—we've already entered it for you.

Otherwise, just open your TurboTax return, search for capital loss carryover, and then select the Jump to link in the search results.

We'll take you to the screen where you can enter that info from your prior year return.

M

MinhT1

You can file your 2019 tax return now and manually enter the capital loss carryover from 2018 (as per your amended return), because even when the IRS has finished processing your 2018 amended return, the capital loss carryover will not be updated in TurboTax. There is no information exchange between the IRS and the TurboTax program.

If you know your capital loss carryover, you can enter it in TurboTax.

To do this, please follow these steps:

Click on Federal on the left-hand panel, then on Wages and Income
Under All Income, locate the Investment Income section
Click Show more and click Start next to Capital loss carryover.

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T

timc7Author

Thank you both for the quick replies! But I'm still not able to manually enter the Capital Loss Carryover, because when I get to editing that part of my 2019 return, the only boxes I see to fill in information are from Schedule D lines 7, 15, and 21. I need to enter that Capital Loss Carryover from line 14. I'm using TurboTax Premier online.

Also, I learned from this forum that you can't skip a year with Capital Loss Carryovers. So that is why I would need to amend my 2018 return first, before including the Capital Loss Carryover in my 2019 return. So even if I'm able to manually enter that Capital Loss Carryover from 2017 in my TurboTax 2019 return, wouldn't I need to first amend the 2018 return, and only then legally include the carryover this year?