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Great, thank you Vanessa.   No need to amend the 2023 1040 Form, since it has not been filed. No need to include/file the original 1099-S showing $55,000 issued back in 2023 in my 2023 tax return either. No need to include/file the Corrected 1099-S showing $0 issued in March of 2025 in my 2023 Tax return either because the IRS has a record of both of these 1099-S forms, right?   I truly appreciate your precise, direct, and concise responses Vanessa 🙂  

@dawndawn You are telling me it's only $3000, someone else is telling me $10000.   PLEASE READ THE ORIGINAL QUESTION CAREFULLY.   I am not referring to deducting $3,000 of capital loss carryover against regular income.   I am referring to a case where I have leftover capital losses, and then in a later year I have net capital gains. How much of the gains can be reduced by my leftover capital losses from a prior year?

Issuers of Form 1099-R will often not mark the CORRECTED box if the change the form before the original is sent to the IRS and the original was never sent to the IRS.  If that's what was done, the first one should be disregarded.  In fact, a Form 1099-SA with $0 in box 1 is meaningless other than to say that there was no distribution, so it would be appropriate to disregard the original even if you hadn't received the second one.

Thanks for your response.  I did answer Yes on that screen, so I'm confused why it changed my tax rate and tax liability when it should be non-taxable income.  And I was only able to get that far by saying I received a corrected 1099-SA, which is also a little confusing.  It's a yes or no answer, and it IS a corrected 1099, but it's technically not marked as corrected on the form itself.

Hi there,  no the issue was not resolved with the update.  Since it is a carryforward item available for use in future years, I have not claimed this year but also there were other Netfile issues this year between TurboTax and CRA as seen on other threads so once these were resolved, I finally filed through Netfile - I have confirmation it went through.  Disappointed with this added stress and unresolved issue. 

Which tax year are you filing for, 2024 or 2023?   You can use either the TurboTax Home & Business Desktop version or the TurboTax Online Self-Employed version if you have investments and self-employed income. You can use TurboTax online or the Desktop Premier version if you do not have any self-employed income that year.   https://turbotax.intuit.ca/tax/software/online   https://turbotax.intuit.ca/tax/software/desktop   Thank you for choosing TurboTax.

Unfortunately, the desktop version is incompatible with Mac, so you cannot download it. You can only use a TurboTax Online version.   If you have purchased the wrong year for TurboTax Desktop you can submit an online Refund Request and purchase the correct version directly from TurboTax website.   Thank you for choosing TurboTax.

No.  Zero sale and zero basis does not need to be entered.  As long as the S-corp has the money to pay back the loans that the shareholders made then their basis is returned to them and you don't need to enter the zero dollar sale transaction.   If the S-corp didn't have the money to repay to the shareholders then the sale would be entered to show a loss of the amount that was not repaid.   @Jady1952 

The calculation is described in CFR 1.408-11:  https://www.law.cornell.edu/cfr/text/26/1.408-11   I'll assume that the entire balance of the Roth IRA at Brokerage B was transferred to a previously empty Roth IRA at brokerage A and perform the calculation as if everything had stayed at Brokerage B since the transfer really didn't change anything with regard to the calculation.  I'll also assume that the $7,000 contribution in January 2024 was for 2024 since it's too late to recharacterize a contribution made for 2023.  I'll also assume that by April 15, 2025 you either filed your 2024 tax return or requested a filing extension for your 2024 tax return, otherwise the deadline to recharacterize a contribution made for 2024 has passed.   In your case the AOB is the value in the Roth IRA at Brokerage B in January 2024 immediately prior to contributing the first $7,000, plus the two $7,000 contributions.  For the calculations that follow, I'll assume that the balance immediately prior to the January 2024 contribution was $12,000, but you'll need to redo the calculations using the true value.   The AOB is $12,000 + $7,000 + $7,000 = $26,000   If the recharacterization was done today, the ACB would be $26,604.   The Net Income attributable to the January 2024 $7,000 contribution would then be:   $7,000 * ($26,604 - $26,000) / $26,000 = $162.62 or 2.323% of $7,000   If your true balance prior to the first contribution was more than $12,604, you actually have a net loss.

Hi Catina, I just tried this, inputting the exact numbers you mentioned (including rounding up box 19 to 144) and it unfortunately it was rejected again :( I checked all of the other W2 and all looks correct. I am at a loss at this point - do you have any other ideas or work-arounds for this?

An amendment sometimes takes a bit to show up in their system. Have you looked on the IRS Where's My Amended Return?   Here's how you can check: How to Check your E-file Status   You will need to contact the IRS for information. It might be easiest to set up an account with them.   IRS Individual Online Account   Taxpayers with a Social Security number or an Individual Taxpayer Identification Number can create or access their IRS Individual Online Account to get information they need to file their return. With an IRS Individual Online Account, people can: View balance owed, payment history and schedule payments. Cancel scheduled payments. Get transcripts. View or create payment plans. See digital copies of some IRS notices. View key data from their most recently filed tax return, including adjusted gross income. Validate bank accounts and save multiple accounts, eliminating the need to re-enter bank account information every time they make a payment. View, approve and electronically sign power of attorney and tax information authorizations from their tax professional.