Hal_Al
Level 15

Get your taxes done using TurboTax

Q. Do I need to refile to carry over the loss?

A. No. See explanation below. . 

 

Q. if yes, how do I do it in TT if it seems to not let me?

A.  As others have said, you do not "re-file", you file an amended return. 

 

Q. if no, then just manually enter the carry forward loss in next years return?

A. Yes. Filing an amended return, might put you on "firmer footing" with the IRS. I'm of the opinion that it is not necessary, since the "bottom line" does not change.  What is necessary is to accurately calculate the carry forward amount. It is usually the full $7000, but not always.  In your case, it's probably the full $7K*. 

 

You said, "when I entered the 1099 there was no change in tax owed". It appears that by you revising the return, TurboTax (TT) has already calculated the carry over amount. TT should have prepared a "Capital Loss Carryforward Worksheet" (abbreviated "Cap Ls Carryfwd" on the list of forms) to show you the amount  to carry over to 2023.  

 

*Technically, if your standard (or itemized) deduction is greater than your AGI, without  the capital loss, then all your capital loss is carried forward.