Capital Loss Carryover and Amendment Questions for 2023 and 2024

[BigRabit1]

Hi everyone,

I am currently in the process of completing my 2024 tax return using Turbo desktop software, and have 2 questions on my capital loss carryover.

I won't disclose specific numbers, but I'll give ballpark figures.

1. In 2022, I reported a total capital loss of $16,000 on Schedule D line 16. After applying the $3,000 of the loss, which I recorded on line 21, I ended with a carryover of $13,000 to 2023. 
2. In 2023, I reported a total capital loss of $14,000 on Schedule D line 16, and after using $3,000 of that loss, which again is recorded on line 21, I ended with a carryover of $11,000 to 2024.

Question 1 - I didn't notice this until now. But my Schedule D, Line 6 is blank for 2023. It seems like Turbo didn't pick up my Capital loss to carry over from 2022 to 2023, which should be $13,000. Can I file a 1040-X with TurboTax, another app, or do I have to file it using the paper form?

Question 2 - I don't know how soon I can get my 2023 return amended. If it doesn't get processed before the 2024 return due date, do I have to just file my 2024 with the incorrect 2023 cap loss carryover, then make amendment once my 2023 amendment is accepted and processed?

I created a table to show the numbers. Thank you in advance for any insights.

[VolvoGirl]

I don’t know about all of your questions but yes you can use more than 3,000 per year.

You get to first offset the loss against any gains you have each year so that can use more of it up.  Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year.  Turbo Tax does all the calculations for you.  Just enter the full prior year carryover amount.

[BigRabit1]

Thank you for explaining it! I updated my questions. it seems like I need to file an 2023 return amendment to accurately reflect the cap loss carryover from 2022. Would you know the best way to to do it? Can I use Turbo, another app, or do I have to file a paper return? 

Thank you again!