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Do I need to file an amended return if I incorrectly calculated my net capital loss that was already greater than >$3K, and therefore has no impact on my taxable income?

My capital loss carryover to 2023 is only $2K, but but because I accidently input a 1099-B twice in Turbo tax, it appears that my carryover to 2023 is actually $4K.  However, I can manually change that on my 2023 return when I file next year, and therefore it doesn't seem critical to me to file an amended return this year, but I didn't know that for sure which is the reason I'm asking.   Thanks for your help!
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MaryK4
Expert Alumni

Do I need to file an amended return if I incorrectly calculated my net capital loss that was already greater than >$3K, and therefore has no impact on my taxable income?

If the change does not affect your income or tax due, you can do exactly as you said and change the carryover amount when you do your taxes next year.  You could also change it now in TurboTax, do not file the amended return then the adjustment will be done when the information is transferred in 2024.

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1 Reply
MaryK4
Expert Alumni

Do I need to file an amended return if I incorrectly calculated my net capital loss that was already greater than >$3K, and therefore has no impact on my taxable income?

If the change does not affect your income or tax due, you can do exactly as you said and change the carryover amount when you do your taxes next year.  You could also change it now in TurboTax, do not file the amended return then the adjustment will be done when the information is transferred in 2024.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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