Did you report the loss in 2018? If not, you will need to amend your 2018 return and report the loss to the IRS. You can still file your 2019 return with the information, but you have to have the carryover loss from 2018 to continue. You will want to at least complete the amended return to determine the dollar amounts, even if the IRS has not yet processed the information. You cannot claim the loss as occurring in 2019. It must be deducted in the year incurred.
Amended returns must be printed and mailed. The IRS is not yet processing paper filings at the moment due to stimulus payment processing. It is best practice to file your returns sequentially when information from one year will affect the other. However, this does not stop you from filing 2019. It may raise some questions with the IRS. Just be sure to get your 2018 amended return filed as soon as possible.
Should you have to amend, follow the steps below:
- Log into your TurboTax account
- Choose the tax year that you wish to amend
- Click Amend
- Make any necessary changes
Keep in mind that when you are amending, the refund tracker monitors the difference from your original filing to the amended return. It does not include any original refund or balance due. If you are claiming any previously unclaimed credits, you will see the difference as an additional refund amount.
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