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OK, so the Senior Deduction MAGI only allows deductions for: a) Excluded PR income b) Foreign Income Residency waiver c) Excluded Samoa income   Otherwise, it is based on the traditional AGI calculation.

@user17680575701 wrote: Disappointed to learn this today. Wish I had known that before wasting money. Wasting money on what? ItsDeductible was a free program, and the other DIY tax prep programs cost money.

Go to MY INFO to add a dependent.   Make sure you have entered your child as a dependent in My Info, and that you have entered the child's Social Security number.    Careful— do not say that your child’s SSN is not valid for employment.  If your child was born in 2025 make sure you said she lived with you the whole year.  There is an oddly worded question that asks if the child paid over half their own support.  Say NO to that question.  

I understand the $3000 offset for taxable income. But my question is concerning the taxes on capital gains from the sale of stock in the brokerage account and offset those taxes from the games with tax loss from prior years. 

Maybe you are waiting for some forms.  Click Review to see if you are missing some forms needed in order to e-file.   Many federal and state forms are not yet available.  Check here for form availability. The dates are subject to change.   Tax form availability tool     Be patient.    IF you e-file now, your return will go into “pending” until the IRS starts to accept/reject returns in late January. You cannot make any changes while the return is on the server. The IRS will start to accept/reject 2025 e-files on January 26.   And….a state return cannot be accepted until after the IRS accepts your federal return.

Maybe you are waiting for some forms.  Click Review to see if you are missing some forms needed in order to e-file.   Many federal and state forms are not yet available.  Check here for form availability. The dates are subject to change.   Tax form availability tool     Be patient.    IF you e-file now, your return will go into “pending” until the IRS starts to accept/reject returns in late January. You cannot make any changes while the return is on the server. The IRS will start to accept/reject 2025 e-files on January 26.   And….a state return cannot be accepted until after the IRS accepts your federal return.

If you had capital losses exceeding gains the unused loss would offset $3000 in other taxable income. Any unused loss is carried forward to each subsequent year and used the same way until it is used up.