Business & farm

@Mike9241  thank you so much for be so responsive! I really appreciate the advice.

My situation just got a little stickier. 2022 was the first year that I realized TurboTax requires you to manually enter in your gains/losses from section 1256. Previous years I just used the import process and assumed TurboTax would auto calculate everything.

Looking back at 2021, I realized I never entered in my gains for 1256, however my losses from 2022 should still completely offset those.

I noticed in TurboTax when entering section 1256, you get the options to enter in both gains and losses. There is also a radio button to select "Loss carryback from future year".

Since i never entered my 1256 gains for 2021, can I simply just amend it now and enter in both the gains from 2021 and the losses from 2022?

Granted, i have to update 2022 regardless since i need to decrease the losses to just reflect the remaining portion.