The loss will not be listed in the capital gains(losses) section. To verify that these details are in your return, there are two ways to confirm it.
- Go to your Wages & Income section. Scroll down to Capital Loss Carryover to see your input.
- Follow these steps:
- Go to the left menu, Tax Tools
- Select Tools
- View Tax Summary
- Return to the left menu and select Preview my 1040.
- Scroll to Line 7 to see the allowable capital loss for 2020.
Regarding the screen to enter new stock transactions that is not needed for 2020, if something was started and not wanted, try using the <Back button at the lower left of the window.
Otherwise, go ahead and enter something to get past the screens, and then delete it at the Summary page.
For more information, see TurboTax's explanation for: What's included in capital loss used in 2020?
The number displayed for Capital loss used in 2020 can include:
- 2020 capital losses that offset 2020 capital gains
- 2020 capital losses used to reduce other 2020 income up to $3,000 ($1,500 if you're filing as Married Filing Separately).
Included in the amount are capital gains and losses you've entered in other areas of your return such as undistributed capital gains (Form 2439), capital gain distributions reported on Form 1099-DIV, and sales of business assets (Form 4797).
Note that this number is a snapshot based on information on your return at this time. The amount can change for a number of reasons, including:
- Changing your return by adding additional income or expenses
- Removing or entering additional investment sales
- Adding other types of capital gains or losses such as undistributed capital gains (Form 2439) or capital gains and losses from contracts and straddles (Form 6781).
After you completely finished your return, you can return to this summary to see the final results.
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