How do you file capital gains and losses for the stocks I've sold in my taxable account? questions are below

[melissaforpeace315]

Do I need to file a separate form?  Or will I just need to input the 1099 provided to me by my taxable brokerage and TurboTax will do the rest for me?

Is this a free service within TurboTax?  any way I can get it for free or at a discount?

If I sold stocks that have gains and also sold stocks that have a loss, then I still need to pay the capital gains tax on the difference right?  (assuming it is a positive number)

assuming that I sold more stocks at a loss, than I sold stocks at a gain, do I need to fill out a separate form so that I can deduct (up to $3000 I've read...?) the money that I've lost?

any and all help is greatly appreciated!  Thank you so much! 🙂

[SundayInSalem · Accepted solution]

You do need separate forms (Schedule D and Form 8949) to report capital gains and losses but they are all part of your tax return.

TurboTax can import your stock information and prepare all the forms you need. You’ll need to buy TurboTax Premier Online or CD\Desktop, Self-Employed Online or Home & Business CD\Desktop. You cannot use the free version. Many financial companies offer a discount on TurboTax. Check with your brokerage.

Capital gains and losses are netted together. You’ll pay tax on the difference if you have more gains than losses. Fortunately, capital gains are taxed at a lower rate than regular income.

If your losses are bigger, than you can deduct up to $3,000 per year ($1,500 if married filing separately) against other income and carry the rest into future years.

Topic No. 409 Capital Gains and Losses