If you'd like to do your taxes online, start with our TurboTax Free Edition and if your tax situation requires an upgrade, we’ll let you know. Generally, if you have stock trades that are reported on form 1099-B and you're using TurboTax Online, you'll need to use the Premier or higher version.
If you want to use the TurboTax CD\Download version, you may use Basic, Deluxe, Premier or Home & Business. Remember, the higher the version, the more support you'll get.
Form 1099-B (Proceeds from Broker and Barter Exchange Transactions) reports the sale of stocks, bonds, mutual funds, and other securities.
Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.
- You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.
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