Hello all,
2021 (last year) - I did well with Section 1256 Contracts. It was my first year at it (i.e. no prior trading of these contracts in 2020 or earlier).
This year (2022) has been brutal for me. I'll rack up 1256 losses for sure.
Just so I understand the mechanics: Once I'm done with my 2022 tax prep, I take whatever losses on Sec 1256 that are left - and Amend the 2021 return. File both together (I assume the sequence of filing is not important - but I'll first file 2022, then the amended 2021).
That's it? OR am I missing something? E.g., do I have to indicate on my 2022 return, in anyway, that I'm doing a loss carry-back to my 2021 return?
TIA - but this carry back thing is bit of mental gymnastics for me.
-G
