1171346
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I lost 1,024 dollars investing in the stock market last year, I downloaded my 1099-b to Robin Hood but no money is being given back to me. How do I adjust this so I can get my money back?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

I lost 1,024 dollars investing in the stock market last year, I downloaded my 1099-b to Robin Hood but no money is being given back to me. How do I adjust this so I can get my money back?

You don't get a refund for losing money. It just reduces your total income so you get taxed on a lower amount.  If you were already getting back all that you could a loss won't increase it.  And by reducing your income it can reduce any credits you are getting.

 

And If you have a net loss for the year you can only deduct 3,000 (1,500 MFS) max on your tax return.  The rest you have to carryover to next year.  You have to report the carryover every year until it's used up.  You can't skip a year.  

JohnW222
Expert Alumni

I lost 1,024 dollars investing in the stock market last year, I downloaded my 1099-b to Robin Hood but no money is being given back to me. How do I adjust this so I can get my money back?

TurboTax automatically calculates your losses, based on the information you input from your Forms 1099-B.  This allows you to offset any capital gains or take a capital loss up to the legal limits VolvoGirl mentions above, and you carryover the rest.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question