2016 Schedule D Completed Wrong

[auntieboris]

I had approx $7000 in capital losses in 2016 and completed Schedule D but only listed one asset (a $3100 loss) because it covered the $3000 deduction by itself. I realize I should have listed the total loss of all assets combined. Can I still carry forward my 2016 losses to 2017?

[LeeM · Accepted solution]

Not until you file an amendment for 2016. If you do, you may receive an inquiry from the IRS.

You can deduct up to $3,000 in capital losses ($1,500 if you're married filing separately) per year. Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up.

You can file that amendment for 2016 to claim those additional capital losses by following the directions in the FAQ below:

https://ttlc.intuit.com/replies/5114064

[auntieboris]

Thanks for that! I notice it can take the IRS up to 16 weeks to process a 1040X so what do I do about my 2017 return in the meantime?