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Level 1
June 4, 2019
Solved

Where do I input a loss on a loan to an individual that cannot be recovered? Using TurboTax Premier 2017.

  • June 4, 2019
  • 1 reply
  • 2 views

Cannot find where or how to input the loss on a loan to an individual.  Where does it go?

Best answer by DoninGA

To report a loss on a Nonbusiness bad debt, follow the steps below.

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Under Investment Income
  • On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen.  Click on Jump to investment sales

On the next screen, click Yes

On the next screen, click No

On the next screen, choose Uncollectible debt (Nonbusiness Bad Debt) and continue with the section until it completes.

1 reply

DoninGA
Level 15
DoninGALevel 15Answer
Level 15
June 4, 2019

To report a loss on a Nonbusiness bad debt, follow the steps below.

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Under Investment Income
  • On Stocks, Mutual Funds, Bonds, Other, click the start or update button

Or enter investment sales in the Search box located in the upper right of the program screen.  Click on Jump to investment sales

On the next screen, click Yes

On the next screen, click No

On the next screen, choose Uncollectible debt (Nonbusiness Bad Debt) and continue with the section until it completes.