@chiprexx703
You have to report all income, including capital gains/losses from sales of stocks, bonds, mutual funds, etc. The broker will likely be sending a Form 1099-B to you and the IRS. If not reported, the IRS would likely contact you and might or might not assume you had the full $130 in income from the sales, depending on how the broker reported the basis, etc. In any case, you are supposed to report it on your return. You MAY have a free option for preparing your returns online as I'll explain below, if you qualify.
In addition, all of the desktop products (CD/download) can handle capital gains/losses, so that could be a cheaper route. Even desktop Basic Edition can handle it, but Basic does not include a state program and cannot import from ItsDeductible. Desktop Deluxe comes in 2 versions--one with state and one without state. When purchased directly from TurboTax, Deluxe has the state program included. If purchased elsewhere, you have to be careful which Deluxe you buy.
In Online TurboTax, in order to report capital gains/losses from a 1099-B, one has to use Premier or higher. Premier can prepare the Schedule D and Form 8949 for that.
TurboTax has a free product, however, that can also handle capital gains/losses and associated forms. It's called the TurboTax IRS Free File Program (NOT the same as the limited regular Free Edition.) You have to meet just ONE of the qualifications to use. AND you must use a special website discussed in the FAQs below.
To qualify for free 2019 federal and state tax returns through the IRS Free File Program delivered by TurboTax, you just need to meet one of these requirements:
- Your 2019 household AGI is $36,000 or less; or
- You qualify for the Earned Income Tax Credit (EITC); or
- In 2019, you served as active duty military (including Reservists and National Guard) with a maximum AGI of $69,000, and you have a military-issued W-2.
If you qualify for that program and want to use it, see these 2 FAQs:
FAQ: What is the TurboTax IRS Free File Program?
https://ttlc.intuit.com/community/choosing-a-product/help/what-is-the-turbotax-free-file-program/01/...
and
FAQ: How do I switch to the TurboTax IRS Free File Program?
https://ttlc.intuit.com/community/downgrading/help/how-do-i-switch-to-turbotax-free-file-program/00/...
