I have a S corp with 1256 gains and losses. I am 100% owner of said S corp.
In 2023 - S corp had 10,000 of gains. I filed 1120S. The gain got passed through to my personal return.
In 2024 - S corp had 8,000 of losses. I am wondering if it's possible to make the net section 1256 contracts loss election, on either the 1120S or my personal return, to carry back the loss to 2023. Otherwise it gets carried forward and I am not sure if I will be able to use it.
Thanks!
