Short term capital gain losses from prior tax year fillings

[swapd29]

Hi,

I am reposting the question aqgain as i did not get the response after my update.

Previous thread for reference- https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-short-term-capital-gain-losse...

I am attaching my schedule D for 2019, 2020, 2021, 2022 see below 

Tax year 2019

Tax year 2020

Tax year 2021

Tax year 2022

I have used $3000 capital gain losses in 2020, 2021, 2022 and now in 2023. 

I am thinking of filing ammendment for tax year 2020 so i can carry forward the losses correctly into 2021, 2022, 2023 and beyond. Please advice if i can do the ammendment for tax year 2019 now to fix this and extension for 2023. Also what should my numbers look like for 2023 tax year filling now. Thanks.

[fanfare]

In your situation, I would amend only 2022 tax return showing correct carry forward from 2021. resulting in correct carry forward for 2023..

Note that you lose $3,000 of carry forward each year whether you  use it or not.

But, your carryforward is going up not down because losses were more than $3,000 per year.

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get Form 1040-X from IRS website and mail it in with your corrected Schedule D, which you can also get in fillable PDF.
Note: when you are not changing any dollar amounts on your 1040-X, you can leave all the lines 1-23 EMPTY.

Do not include your old 1040 nor your revised 1040 because the Form 1040-X reflects any changes there and becomes your new tax return.

@swapd29 

[swapd29]

Hi,

Can i e-file the ammendent since i e-filed for 2022 tax year using my turbo tax? I will go ahead and file the 1040-x ammendement. Should i file extension for tax year 2023 to wait in mean time and give me time and will the tax year 2023 show the corrected capital gain losses after ammendment?

-Swapnil

[fanfare]

There are conflicting reports on whether TurboTax will e-File 2022 1040-X.

In any case, if you revise your 2022 tax return with TurboTax amend, then importing that file when starting 2023 return should give the desired result.

@swapd29