Capital loss carryover was updated for 2020. Do I have to amend the tax returns for the years thereafter?

[sandylsu]

My capital losses from 2020 were updated (they were greater than originally reported). I filed a 2020 amended return and it was accepted.  Do I now need to amend a return for 2021-2023? or can i just update my capital losses in the upcoming 2024 tax return?

[VolvoGirl · Accepted solution]

Well you might need to amend to see how much to carryover to each year.  But if your return doesn't change you don't have to file the amended return.  Did you take the max loss (3,000) on each return?  If you had a gain or loss under the 3,000 you should amend.  

You have to report the carryover every year until it's used up. You can't skip a year. Even if you don't report it on your return you have to reduce it by the 3,000 (1,500 MFS) when you carry it over to next year. You can't choose when to use it.

But if you have a negative AGI or negative taxable income it will show up on 1040 BUT it won't reduce the carryover to the next year.