Hi everyone,
I am currently in the process of completing my 2024 tax return using Turbo desktop software, and have 2 questions on my capital loss carryover.
I won't disclose specific numbers, but I'll give ballpark figures.
- In 2022, I reported a total capital loss of $16,000 on Schedule D line 16. After applying the $3,000 of the loss, which I recorded on line 21, I ended with a carryover of $13,000 to 2023.
- In 2023, I reported a total capital loss of $14,000 on Schedule D line 16, and after using $3,000 of that loss, which again is recorded on line 21, I ended with a carryover of $11,000 to 2024.
Question 1 - I didn't notice this until now. But my Schedule D, Line 6 is blank for 2023. It seems like Turbo didn't pick up my Capital loss to carry over from 2022 to 2023, which should be $13,000. Can I file a 1040-X with TurboTax, another app, or do I have to file it using the paper form?
Question 2 - I don't know how soon I can get my 2023 return amended. If it doesn't get processed before the 2024 return due date, do I have to just file my 2024 with the incorrect 2023 cap loss carryover, then make amendment once my 2023 amendment is accepted and processed?
I created a table to show the numbers. Thank you in advance for any insights.
