2117736
I reside abroad and I file only US Federal returns.
In my 2019 Federal Return I made a wrong Long-term Capital Loss claim in Schedule D that I want to delete.
I then went ahead and prepared an Amended 2019 Tax return deleting the item.
I noticed that my amended return shows no balance due or refund amount.
Also the Form 1040X shows that Columns A. B. and C. are empty.
Schedule D is updated with the new number and looks OK.
Is there a practical way to fix (delete) my Long-term Capital Loss carryover in the 2020 Return, without filing the Amend?
Or would I be considered guilty by the IRS regardless, for misreporting a Capital Loss claim in 2019?
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can't explain why 1040-X doesn't show columns A,B and C,
if capital losses after removing the incorrect one still equals or exceed $3,000 there will be no change in your tax because the capital loss deduction would remain the same at $3,000. regardless you must correct the capital loss carryforward for 2020
Thank you. Indeed, the corrected capital loss still exceeds $3000 therefore my tax due didn't change.
Since I instructed TurboTax 2020 to import directly from the Amended 2019 return that I prepared but not mailed yet, the carry forward numbers are automatically updated to the correct ones.
The question remains whether I still need to file the Amended 2019, or whether using the corrected carryovers for the 2020 is enough.
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