Thanks @RobertB4444. Disregard my previous comment. Are the losses you can carry back limited to the 1256 gains you had previously?
I only started trading 1256 contracts in 2021 and had a gain of approx $2,000 in 1256 contracts, $1,200 in regular stocks. Does that mean I can only reduce my gains by $2,000, and I can't carry back to a year when I did not have any 1256 gains (i.e. 2020)?
