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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.
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.
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