Hi everyone, do you know if we can file capital loss carryback in Turbotax?
For example:
I have capital gain in stock 2020: +$50k short tem gain, paid tax on this capital gain $10k (approx. number, don't quote me on tax bracket).
This year 2021, for example, I have the capital loss in stock, short term: -$70k. I understand that I can carry this loss over to next tax year, with full amount deduction if I have capital gain in stock again, (plus $3000 deduction to ordinary income such as W2).
But how about capital loss carryback? I've heard that I can carry this back to 3 previous years, meaning that I can deduction this loss -$70k in 2021 back to the gain +$50k in 2020, and reclaim this $10k tax I already paid. And the remaining loss -$20k, I can carry forward into 2022.
How can we do that in Turbo Tax, I have Premier version.
Any inputs would be much appreciated!
