I had long term capital gain last year and 1256 contracts losses. This year I have 1256 losses and long term capital gain.
Lets say I had
50000 in long term gain in 2021
10000 in 1256 losses in 2021
2022 -
15000 in long term gain
70000 in 1256 losses
Can I carry back any of my 22 losses and amend 2021 returns even though I didn't have any 1256 gains to offset?
Turbotax asked me if I wanted to carryback and so I started reading about it and am lost now.
Thanks so much for your help!!
