TurboTax takes care of that for you! When putting in the transactions from your 1099-B, be sure to include the cost basis (dates and amounts when acquired), TurboTax will correctly classify the gain (or loss.)
To enter a carryover loss from the previous year, Turbo Tax will do that for you if you used the software in the previous year. If not, please follow the steps below:
- Federal Taxes or Personal (Home & Business)
- Wages and Income
- Then scroll down to Investment Income
- Capital Loss Carryovers - Click Start or Revisit
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