I am amending my 2022 tax returns using TurboTax 2022. I had 1256 contracts gains in 2022, and losses in 2023. So I am using the 1256 contracts carryback to claim a refund from 2022. After I have entered the needed information, TurboTax shows me a refund for federal tax return, and also a refund for NJ tax return. It means that NJ allows 1256 contract losses carryback.
I believe there must be a lot of CPAs/accounting experts who are on board with the creation of TurboTax, federal and state versions. But I just want to make sure this is the case. There is a previous post here which said NJ doesn't allow capital losses carryback or carryover. Does anyone know if New Jersey allows capital loss carryback? Didn't find it mentioned anywhere. (in...
Can anyone confirm if NJ allows carryback for 1256 contracts losses?
Thank you in advance.
