Missed schedule D on 2020 return. Should I file amendment first or 2021 return first?

[Atad]

Hi,

I realized that I missed filing schedule D on my 2020 return. The capital gain is around $42 but the total transaction amount is around $2100. 

Should I amend my 2020 return first or should I file my 2021 return? I have not received any notice from IRS regarding schedule D yet. 

[fanfare · Accepted solution]

If you don't have any capital loss carryforward, it makes no difference which one you file first.

[Atad]

Thanks, this helps.

[LeonardS · Accepted solution]

You should start the amendment process just to ensure that the missing Schedule D does not impact your tax return.  If it does not have an impact on your 2021 tax return then you can file your 2021 return first and then file an amended 2020 return.  @Atad

[Atad]

@LeonardS I don't have any stocks sold in 2021, so I am anticipating that it should not impact my 2021 return.

[ThomasM125 · Accepted solution]

Unless you had a capital loss carryforward, it will likely not impact your 2021 return so you can file it before you do the amendment.