Amendment

[Smas]

I incurred a significant loss 7 years ago on a stock sale (~40,000$). I did my taxes myself this year and did not carry over the $3000 loss that i can take. 

How do I amend my return and how do i find out the possible savings i can get?? (Is it worth the trouble??) adjusted gross income last year was approximately 27,000$.   Thanks very much 

[rhondaS]

Hi.  Yes you could and should amend a return that is inaccurate or missing information. 

To amend if you used TurboTax Online, simply log in to your account and select “Amend a return that was filed and accepted.” If you used our CD/download product, sign back into your return and select “Amend a filed return.”

Once you've started the amend process you then will need to add the carryover loss to your taxes.   If you are using online:

1. On the left go to tools- tax tools- topic search.  Type in Capital loss carryover worksheet 
2. Answer Yes on the screen Did you have investment losses you couldn't claim in 2020?
3. Enter the info about your capital loss on the following screens.  You will need to access your prior year return to view the carryover amount unused from that year.

If you are using desktop type in Capital Loss Carryover in the search box and the follow the steps to enter your carryover.