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Why is $3000 in capital losses not being deducted from my federal tax of ~$1000?
I owe roughly ~$1,000 in federal income tax. When I enter my capital losses of $3,000+ in the TurboTax Free File Program, only a very small percentage is deducted from the total tax owed. Can anyone explain this? I was under the impression that I should not have to pay any taxes if my short term capital losses were greater than my federal income tax due. Thanks!
‎April 14, 2019
7:54 PM