Net capital losses of a current year can be carried back to any 3 previous years within the current year Turbotax return.
You'll navigate to the "Losses" section within your 2024 Turbotax product, indicate you want to "Request a loss carryback", and continue until you reach the "Net Capital Loss Carryback" screen, where you will see entry fields to apply the available net capital loss to any of the three previous years.
You can enter the amount of the net capital loss you want to apply to each year. This process files a T1Adj for the year the loss is applied, and you will receive a Notice of Reassessment for the respective year(s).
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