MinhT
Expert Alumni

Deductions & credits

You'll need TurboTax Premier for file Schedule D for your capital loss. Your long-term capital loss can offset your ordinary income by up to $3,000 per tax year. Any excess loss can be carried forward to future years.

At your level of income, the cost of upgrading TurboTax Premier will be paid many times over by the tax savings allowed by reporting your loss. If you have the desktop version, you do not need to purchase a new version of TurboTax. You can upgrade it from within the program and only pay the extra fee.

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