topic Amending capital loss carryover in After you file

Amending capital loss carryover

gman1981 — Tue, 11 Feb 2025 13:34:35 GMT

TT did not use the correct capital loss carryover amounts in 2021. I have read that I may be able to e-file corrected amounts for 2021,2022 and 2023 electronically. I have few questions

Can I amend capital loss carryover prior 2021 via paper copies and mail them.
If I am to e-filing 2021,2022,2023, how can I electronically file them via TT

Re: Amending capital loss carryover

KrisD15 — Tue, 11 Feb 2025 14:06:57 GMT

1. No the time limit for amending returns has expired for tax years 2020 and earlier.

2. Yes, if the original return was efiled, the amended return can be efiled as well.

HERE is a link for more information about amended returns

HERE are the steps to take using TurboTax

Re: Amending capital loss carryover

gman1981 — Wed, 12 Feb 2025 12:20:42 GMT

Thank you.

Your response was very helpful and i was able to rectify the 2021 tax return.

1. Do i need to wait till they evaluate that amendment or can i send the 2022, 2023 concurrently?

2. This might also delay my tax submital for 2024, should i go ahead and submit the 2024 tax return with corrected capital loss carryover or do i need to wait till every amendment is accepted?

Re: Amending capital loss carryover

DianeW777 — Wed, 12 Feb 2025 13:56:54 GMT

Questions are answered below.

No, you do not need to wait. You can send each amended return now however mail each one separately.
Yes, go ahead and send the 2024 tax return with the correct capital loss carryover. Do not wait for the amendments to be reviewed or accepted.

The IRS will work through the returns as they are received and reconcile one to another as they get to them.

@gman1981