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March 5, 2022
Question

WRONG CARRYOVER

  • March 5, 2022
  • 1 reply
  • 0 views

I  calculated my capital gains and losses wrong last year (2020) but I didn't file an amended return because the true capital gain/loss was a capital loss in excess of $3,000.  Therefore, there would be no tax impact on my 2020 year if I had filed an amended return.  Now I want to carry over last year's information with depreciation etc. but with the correct capital loss carryover.  Is there a way to transfer the 2020 information into 2021 while correcting the capital loss information?

@ColeenD3 

    1 reply

    VolvoGirl
    Employee
    March 5, 2022

    Yes.  Just transfer from 2020 as normal. Then you can edit the Capital Loss Carryover.

     

    Enter a Capital Loss Carryover under

    Federal Taxes or Personal (Home & Business)

    Wages and Income

    Then scroll down to Investment Income

    Capital Loss Carryovers - Click the Start or Update button