I am using a desktop version of Turbotax Home & Business 2024.
I have been successfully using this software for many years, but I am running into a snag (I didn't have any problems last time, reporting income and/or losses from sales of stock on a foreign stock exchange) reporting major losses from 2 sales of stock in 2024. The brokerage in question does not issue any 1099-B.
How do I enter my losses?
I would value a recommendation on how to do this very much!
JJ
To enter an investment sale other than from a brokerage account (1099-B), 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, Cryptocurrency, 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
Using the desktop editions -
On the next screen click on Yes
On the next screen click on Skip import
On the next screen, select Other and continue
Not sure I understand the response. This is a brokerage account, but the company is located overseas and does not issue a 1099-B. I will reach out to them to see if they do report the income or loss to the IRS directly though, to be sure.
Thank you!
JJ
Since it was a brokerage account, did you buy and sell stocks or other type of investment?
You only need to enter the type of investment sold, the purchase date, the sales date, the purchase price and the sales price.
This is a screenshot for a test return using the desktop editions -
Hi,
I really value your assistance.
The stock (2 separate sales of the same stock) I sold in 2024 was acquired by me more than 20 years ago. So, it is clearly long-term as well, not that it makes any difference in this case, as both sales were at considerable loss.
Sincerely,
JJ
Clicked on the search bar and I see "Connecting You to Digital Assistant," but it is not going anywhere. This feature worked well in past years, but it doesn't right now.
JJ
@juham2013 wrote:
Clicked on the search bar and I see "Connecting You to Digital Assistant," but it is not going anywhere. This feature worked well in past years, but it doesn't right now.
JJ
The TurboTax Digital Assistant, as a decades long user of TurboTax, is worthless, personal opinion.
Click on the File menu at the top left of the desktop program screen.
Click on Sign on as (your User ID)
On the window that opens click on Sign out. On the next window click on Sign out.
Now click on the Search link in the upper right of the program screen
When the windows opens asking for your User ID click on the X in the upper right corner of the screen.
You can now you use the Search function without the Digital Assistant.
That is because you clicked on the option for a 1099-B on the screen after Skip Import, labeled OK, let's start with one investment type. You should have selected Other as a posted originally.
On the next screen, select Other and continue