Hi, I am claiming a capital loss carry BACK to 2021. How do I amend my 2021 return with this loss carry back in TurboTax Premier 2021? Thanks

[rjs]

The tax law does not allow a capital loss to be carried back to a previous year. Capital losses can only be carried forward.

You do not have any choice or options about how a capital loss is treated on your tax return. There is only one way to do the calculations. TurboTax will handle the capital loss as required by the tax law.

[JohnB5677]

Individuals cannot do a Capital Loss carryback. A loss carryback describes a situation in which a business experiences a net operating loss (NOL) and chooses to apply that loss to a prior year's tax return. 

IRS states in the bulletin Limit on the Deduction and Carryover of Losses

"If your capital losses exceed your capital gains, the amount of the excess loss that you can claim to lower your income is the lesser of $3,000 ($1,500 if married filing separately) or your total net loss shown on line 16 of Schedule D (Form 1040). Claim the loss on line 7 of your Form 1040 or Form 1040-SR. If your net capital loss is more than this limit, you can carry the loss forward to later years. You may use the Capital Loss Carryover Worksheet found in Publication 550, Investment Income and Expenses or in the Instructions for Schedule D (Form 1040)PDF to figure the amount you can carry forward."

There is no mention of carryback.

[john9yao]

Sorry I didn't state my question correctly due to my ignorance.  So let me correct myself.

I claimed a section 1256 contracts loss carry back in my 2022 return.  How do I amend my 2021 return with this carry back from 2022?  (where do I enter this carry back loss from 2022 return?)

I use TurboTax Premier (desktop) version for both 2021 and 2022 returns.  Thanks

[MaryK4]

You need to amend your 2021 tax return and provide the explanation for the amendment, you will then add the carryback loss.  See How do I amend my federal tax return for a prior year? @john9yao 

[fanfare]

Follow the Instructions for Form 6781.

You have to start three years back, and work forward.

"The loss is carried to the earliest year first."

@john9yao