How can I add a capital gain loss carryover to my amended tax form?
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How can I add a capital gain loss carryover to my amended tax form?
If you have already e-filed your return, then you will need to wait until the IRS has either accepted or rejected that return before you can amend it to make any changes.
- If they reject it, then just make the needed changes and re-submit the return.
- If accepted, and you are expecting a refund, wait until you have received your refund, then you can go here and get instructions for amending that return. Amended returns have to be printed and mailed in and take up to 16 weeks to be processed.
- One important note : Before you start the process of amending the return in TurboTax, be sure you have printed a copy of your original return or have saved a PDF copy to your computer.
Capital Loss Carryovers are entered in the " Wages & Income " section of the return. (see screenshot below)
June 4, 2019 7:40 PM
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How can I add a capital gain loss carryover to my amended tax form?
I need to correct the carryover losses on my 2019 and 2020 returns, each of which was mailed in, not e-filed. While the IRS has processed my 2019 return, they have not yet gotten to my 2020 return because of the COVID-19 backlog with paper returns. I assume a separate 1040X will be necessary for the two amended returns, but I am unsure whether I need to wait for the 2020 return to be processed before I can amend it. I need to use the corrected carryover loss in y 2021 return to offset cap gains.
