"The original stock trading losses are from 2011 and were carried back for two years. Since then, I’ve been carrying them forward. At the time I was using a CPA to do my taxes." this would indicate that you were treated as a trader for income tax purposes. you say the losses were reported in on form 4797 which is where traders that made the 475(f) election would report trading gains or losses. as such the trading losses are not capital losses but ordinary business losses that generated the NOL. every year of the carry forward the NOL would be used to offset other taxable income subject to any tax law limitations for that year. any unused would be a carryforward for 20 years from 2011. we have no way of knowing if you amount of your NOL for regular or AMT tax purposes is correct. This is because Turbotax does not calculate NOL carryover.
