capital loss amendment and filing this year.

[blitzkrieg3002]

Hello, I used Turbo tax to file my 2023 taxes.  I recently got new documents from etrade stating a stock i was holding was deemed worthless so is a total loss of $219.60.  I did not have this info until now.  I amended my 2023 return with this loss and entered it as a 1099-b that was never received.  My state refund changed to about $12 but my federal stayed at $0 for that 2023 amended return.  do i just get nothing back from this capital loss from federal? do i have to enter something on this years return to claim it since it stayed at $0 on my 2023 federal amendment?

[JotikaT2]

It depends.

If your 2023 return had a capital loss that exceeded $3,000, then your amended return would not result in any changes to your overall 2023 amended federal return.  However, it would have changed the capital loss carryover that should be carried from your 2023 amended return to your 2024 tax return.  Capital losses are limited to a $3,000 loss per year until used up.  Please see the following link for steps to locate any 2023 capital loss carryover from your amended return that should be entered on your 2024 tax return.

How can I tell if I'm entitled to a capital loss carryover from last year's return?

How do I enter my capital loss carryover?

[blitzkrieg3002]

well, I actually had an overall capital gain on that year on stocks this was the only capital loss I entered and was entered on an amended return. I'm just confused because when I went in and amended my return, to add this $219.60 capital loss. it did not offset, or lower my capital gains taxable amount on my federal return and only changed my state return to an emended refund amount of $12. How do I get this $219.60 to offset my capital gains and reflect on my federal return? I already filed my 2024 taxes this year but can amend if needed

[DawnC · Accepted solution]

Did you hold the stock for over one year?  If so, it is a long-term gain/loss and those rates are lower or zero.   A long-term loss would offset a long-term gain, but depending on your income, the tax rate may be 0%.   See cap gain rates

[blitzkrieg3002]

Yes that's it!! Typically we fall into the 15% long term gains taxes but that specific year 2023 we did not. That makes sense. Thank you!