Yes! When you import your brokerage financial documents (specifically the Form 1099-B from a brokerage) into TurboTax, it automatically performs the netting of your capital gains and losses, in accordance with IRS rules. If, after the netting, you have an overall net capital loss of up to $3,000 ($1,500 if filing married filing separately), it TurboTax will apply that loss against your ordinary income. If the net capital loss of more than the IRS limit of $3,000, TurboTax will automatically calculate the excess loss and carry it forward to future tax years, as long as you use TurboTax software to prepare your taxes in that/those future year(s).
Yes! When you import your brokerage financial documents (specifically the Form 1099-B from a brokerage) into TurboTax, it automatically performs the netting of your capital gains and losses, in accordance with IRS rules. If, after the netting, you have an overall net capital loss of up to $3,000 ($1,500 if filing married filing separately), it TurboTax will apply that loss against your ordinary income. If the net capital loss of more than the IRS limit of $3,000, TurboTax will automatically calculate the excess loss and carry it forward to future tax years, as long as you use TurboTax software to prepare your taxes in that/those future year(s).