mutual fund losses

Forum|Forum|5 years ago
March 31, 2021
3 replies
28 views

I'm reporting a fortune in losses on my 1099B for 2020. Does this lower my income for the year for tax purposes?

MayaD

Alumni - Intuit

Yes, if you have more capital losses than gains, you can use up to $3,000 a year to offset ordinary income on federal income taxes, and carry over the rest to future years.

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Donna1957Author

Level 2

thanks. How do i report this info in TT?

ToddL99

Level 13

All you need to do is enter the 1099-B information in the Stocks, Mutual Funds, Bonds and Other interview of Investment income.

Turbotax will calculate and apply the losses as appropriate, to include updating your loss carry-forward balance.

See the following screenshot for aid in navigation.

mutual fund losses

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