Entered relatively simple capital gains losses from stock sales this year of $11,000+ ( in loss) and TurboTax only brings down my amount of Federal taxes due by $900. I understand the rule is you can only deduct $3000 per year of capital losses and the rest is automatically pushed to carry-over to next year. I've tried both long-term uncovered/short-term uncovered as options for the sales and it makes no difference. What am I doing wrong?
All other taxes complete and last info added is the Investment losses:
- BEFORE adding loss: Federal Due: $17,418 State Refund: $8074
- AFTER adding $11k investment net loss: Federal Due: $16,669 State Refund: $8,353
Where is the rest of the $3000 max? Please help if you know.
