Do I need to file a tax amendment for year 2015 as my capital loss carryover is less than what I reported? It doesn't change my tax liability for that year though.

In year 2015 I had capital losses (~35k) with stocks. For one of them (UCO) I also received schedule K1. TurboTax added schedule K1 and 1099-B losses making it a bigger number (~59K). Unfortunately I didn't realize that and filed the return.

This year I found this discrepancy and want to correct it. For that I'm not sure if I should file an amendment for the year 2015. My tax liability for that year is not changed with the correction as I could claim only $3000 deduction. The only change would be the capital losses (and carryover).

947

1 Best answer

Alumni

Jun 4, 2019 12:10:58 PM

I wouldn't file an amended return. Make the correction in your records and apply the correct carry forward to 2016 and beyond.

Alumni

Jun 4, 2019 12:10:58 PM

I wouldn't file an amended return. Make the correction in your records and apply the correct carry forward to 2016 and beyond.

Level 2

Jun 4, 2019 12:11:00 PM

Thanks for your help Ludwig_Van_fan. I'll fix that going ahead.

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Do I need to file a tax amendment for year 2015 as my capital loss carryover is less than what I reported? It doesn't change my tax liability for that year though.