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Old 09-24-2014, 04:44 PM
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Cool Does amending state require amending federal?

My wife and I, married filing jointly, will have to amend our 2011 and 2012 California tax returns. This will ultimately result in about a $600 refund from CA. Will we have to restate our 2011 and 2012 federal tax returns? In particular, must we have amend line 5 of 1040 Schedule A (state income tax deduction) or the "taxable refunds, credits,..." entry on line 10 of 1040? Or should we declare the refund in the tax year we receive it, i.e., 2014 or even 2015?

Background: We still have about $150K in capital loss carryover from when the dotcom bubble burst. We had been diligently taking our $3000 capital loss deduction and carrying the balance forward. However, In the 2011 tax year, TurboTax mistakenly entered a 0 on the carryover line and neglected to take the deduction on our California return. Same thing in 2012. Federal has been correct throughout. We have not filed for 2013 (we're still within the extension period).

And if you have any pointers to documentation or similar cases, I'd very much appreciate it. It would go a long way to boosting my confidence that we have the right answer.

Thank you so much!



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