I need to amend my 2023 tax return to report a worthless security (private stock investment). I still need to file 2024; how do you recommend I approach both efficiently?

You can file both now. Each year is independent of each other, so you can file your 2023 Amendment and your 2024 return now.

 

If you want to make changes or add a document to a tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines. 

 

• You must first wait until the initial return is completely processed.
• You will have to use the same TurboTax account that you used for the original tax return.
• Once you begin your amendment, you'll see your original return.
• The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
• Only make changes to the areas of your return that need to be corrected.
• You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment

Select your product below and follow the instructions. 

Amend TurboTax Online 

Amend TurboTax CD/Download 

adding a loss likely will change your carryover loss impacting 2024 tax return.

You need to do the years in order of earliest first.

 

@clclemen