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Amended last's years - can I file this year's now? Capital loss carryover

I omitted my capital loss carryover when I filed for 2018 last year.  I just mailed in my  2018 1040X amended tax return to correct the missing capital loss carryover.   The capital loss carryover was the only change.  I have not yet filed for 2019 and I must do that.  My question is can I go ahead and do that now or do i have to wait until the amendment is processed?  If I do it now and given that it can take up to 16 weeks for an amended return to be processed the IRS computer would see 0 as 2018's capital loss carryover not the amended amount.  This amount, minus $3000, goes on the 2019 return.  Would that cause my 2019 return to be rejected?  Or force my 2019 capital loss carryover to 0?  Do I have to wait for the amended return to be processed which would necessitate filing for an extension because 16 weeks won't be up until sometime in September?  The 2019 return is due July 15th.  I'd like to file now if possible.      

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Accepted Solutions
AnnetteB6
Expert Alumni

Amended last's years - can I file this year's now? Capital loss carryover

Ideally you should wait until the 2018 amended return is processed, but there should be no harm in going ahead and filing the 2019 return now reporting the correct carryover amount from the 2018 amended return.  If it does cause a rejection in the IRS system, you will know right away and then you can act accordingly.

 

I do not know this to be true, but I would think it is not likely that items such as carryover losses would immediately be flagged and examined on returns as soon as they are filed.  This is probably something that is checked further down the line after the return has been processed.  Either way, if it is an issue, it is just a matter of time until the amended return would be processed to clear things up.

 

 

@projecttoday

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2 Replies
AnnetteB6
Expert Alumni

Amended last's years - can I file this year's now? Capital loss carryover

Ideally you should wait until the 2018 amended return is processed, but there should be no harm in going ahead and filing the 2019 return now reporting the correct carryover amount from the 2018 amended return.  If it does cause a rejection in the IRS system, you will know right away and then you can act accordingly.

 

I do not know this to be true, but I would think it is not likely that items such as carryover losses would immediately be flagged and examined on returns as soon as they are filed.  This is probably something that is checked further down the line after the return has been processed.  Either way, if it is an issue, it is just a matter of time until the amended return would be processed to clear things up.

 

 

@projecttoday

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Amended last's years - can I file this year's now? Capital loss carryover

I was hoping for some assurance that this would be smooth sailing.  Maybe that was unrealistic.  There's no reason I can't just file for an extension and file the return in early October.  The only reason for filing now is just to get it out of the way.  Thanks for posting.

 

I did some searching before I posted and couldn't find anything about filing after amending, surprisingly.  Why does the IRS take so long to process an amended return? 

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