The TurboTax Free Edition, is for simple return and doesn't include form 1099-B. 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 unless you qualify to use the IRS Free File program.
- The IRS Free File Program delivered by TurboTax is geared towards lower-income filers, regardless of tax return complexity, and is only offered through the IRS Free File Alliance (FFA) program. No upgrades are available.
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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