Please follow these steps to enter you stock sales:
- Login to your TurboTax Account
- Click on "Search" on the top right and type “investment sales”
- Click on “Jump to investment sales”
- TurboTax will walk you through entering the sales
TurboTax will calculate the gains and losses for you. If you had a net capital loss (more losses than gains) then you can deduct up to $3,000 ($1,500 if married filing separately) against your regular income. Any capital losses you couldn't deduct this year can be carried forward and deducted on future tax returns. This is called a capital loss carryover.
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