When reporting 2015 taxes using TurboTax, I forgot to include long term capital loss carryover from 2014. Can I use the long term capital carryover in filing 2016 taxes? Or do I need to amend 2015 taxes to show long term capital loss carryover before I use it in 2016?
You should amend the 2015 return as $3,000 can be used there first or more as it can first offset capital gains for that year.
In TurboTax to enter it, you do the following:
Click on Federal Taxes
Click on Wages and Income
Click on I'll choose what I work on
Scroll down to Investments
On Capital Loss Carryforward click the start or update button
I would first amend the 2015 return to have the correct amount of the carryforward.
See below for amending: