Here is the scenario:
A trader (qualify for trader status) had capital gain in 2020 but did not make 475f selection in 2020, he/she made 475f selection by 4/15/2021, but suffered a capital loss in 2021, can he/she carry the loss made in 2021 back to 2020? If so how he/she use TurboTax to amend 2020 tax return to show loss in 2021 carried back?
In addition, can he/she carry remaining loss forward to 2022? It seems that you can only carry 80% NOL of your Taxable income. in this scenario, theTaxable Income is negative, does it means you cannot carry forward your loss?
Thanks a lot for kind help.
Lucy
