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lewl0u
New Member

How can I add a capital gain loss carryover to my amended tax form?

 
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6 Replies
JulieR
Expert Alumni

How can I add a capital gain loss carryover to my amended tax form?

If you have already e-filed your return, then you will need to wait until the IRS has either accepted or rejected that return before you can amend it to make any changes.    

  • If they reject it, then just make the needed changes and re-submit the return.    

  • If accepted, and you are expecting a refund, wait until you have received your refund, then you can go here and get instructions for amending that return.  Amended returns have to be printed and mailed in and take up to 16 weeks to be processed. 

  • One important note: Before you start the process of amending the return in TurboTax, be sure you have printed a copy of your original return or have saved a PDF copy to your computer. 

Capital Loss Carryovers are entered in the "Wages & Income" section of the return. (see screenshot below)

philidor1
New Member

How can I add a capital gain loss carryover to my amended tax form?

I need to correct the carryover losses on my 2019 and 2020 returns, each of which was mailed in, not e-filed.  While the IRS has processed my 2019 return, they have not yet gotten to my 2020 return because of the COVID-19 backlog with paper returns.  I assume a separate 1040X will be necessary for the two amended returns, but I am unsure whether I need to wait for the 2020 return to be processed before I can amend it.  I need to use the corrected carryover loss in y 2021 return to offset cap gains.

How can I add a capital gain loss carryover to my amended tax form?

Amend the 2019 return now and mail it in  then WAIT for the 2020 return to be fully processed before mailing in that amended return. 

How can I add a capital gain loss carryover to my amended tax form?

amend 2019 now. however, the general advice is not to amend 2020 until the original filing has been processed. 

How can I add a capital gain loss carryover to my amended tax form?

There is no reason to wait.

If you already took your $3,000 max deduction for losses and that is the correct number,

then you are not changing any original amounts on Form 1040, and you don't have to fill out lines 1-23. leave that all blank.

In any case, attach the corrected Schedule D and relevant  Forms 8949 to your Form 1040-X with an explanation.

 

You want to submit these numbers to IRS now  so they are there for your 2021 return filed on April 15 2022.

 

Unfortunately, you should mail each year separately.

How can I add a capital gain loss carryover to my amended tax form?

Mailing in the 2020 amended return now is immaterial to filing the 2021 return since it will take 6 months or longer to process  but you can amend the return to get the correct transfer info for the 2021 return.   Just wait to actually mail it in especially if it affects the bottom line of the 1040X.  

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