You will simply enter the transactions under investment income. Turbotax will automatically calculate the loss based on the information provided on the Form 1099-B and will allow you to offset any capital gains or take a capital loss up to the limits and carryover the rest.
To enter these transactions, make sure you are logged into your account and click Take Me to My Return first. You can then search for "1099B" in the search box in the upper right-hand corner (look for the magnifying glass). Click the "jump to 1099B link" and this will take you directly to the area of the program where you will enter investment (stock) sales.
You can also find this area of the program using the step by step method -
- Log into your account
- Hit Take Me My Return
- Click Federal Taxes
- Select Wages and Income
- You may need to click "Check for More" or "Show More" to get the full list of income topics
- Scroll down and select Investment Income
- Click edit next to Stocks, Mutual Funds, Bonds and Others
- Proceed through the following prompts to enter your investment sales
Note: It shows you are currently using TurboTax Deluxe Online, you will need to upgrade to at least TurboTax Premier Online version to enter investment transactions.
