MaryK4
Expert Alumni

Get your taxes done using TurboTax

Unfortunately, because you do not have any 1256 gains in the carryback years, you will not be able to utilize them.

 

The amount you can carry back to any prior year is limited to the smaller of the gain, if any, that you would report on line 16 of Schedule D (Form 1040) for that carryback year if only gains and losses from section 1256 contracts were taken into account; or the gain, if any, reported on line 16 of Schedule D (Form 1040) for that carryback year. 

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