@fluffyluis
If you're required to file an income tax return, generally, any amount included in your income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax. Income that is nontaxable may have to be shown on your tax return but is not taxable.
If you are using TurboTax Online, you would use the TurboTax Premier version to report stock sales on Form 1099-B.
If you're eligible, you may be able to use the IRS Free File Program delivered by TurboTax . It's 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.
You may manually enter your stock sales or import them directly into TurboTax if your financial institution is a TurboTax import partner. To enter your stock sales, click here. Step #5 will allow you to choose to import your 1099-B.
Note: 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.
[Edited 2/24/2021|6:17 am PST]
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