Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Mar 23, 2023 12:26:24 PM

Capital Loss deduction limit

Turbo Tax is showing me receiving my entire net Capital Loss of almost $9,000 on my Fed return, way more than the allowed $3,000 allowed per year. Is there any way to see if this is what they are actually going to put on my return before I pay them for preparing it? (I do not want to pay for an incorrect return that I can't even use)

0 2 199
2 Best answers
Expert Alumni
Mar 23, 2023 1:39:02 PM

You can look on line 7 of your Form 1040 to see what your capital loss reported on your tax return is.

 

You can view your form 1040 and schedules 1 to 3 while working in the online version of TurboTax by following these steps:

 

  1. Click on Tax Tools in the left menu bar
  2. Click on Tools
  3. Look under Other Helpful links….
  4. Choose View Tax Summary
  5. Look in the left menu bar and choose Preview my 1040
  6. Scroll down the page to see form 1040 and schedules 1 to 3

Level 2
Mar 24, 2023 5:37:04 AM

Thank You ! this worked perfectly - I found the information I was looking for and now know how to review the 1040 & Schedules as I go along. 

2 Replies
Expert Alumni
Mar 23, 2023 1:39:02 PM

You can look on line 7 of your Form 1040 to see what your capital loss reported on your tax return is.

 

You can view your form 1040 and schedules 1 to 3 while working in the online version of TurboTax by following these steps:

 

  1. Click on Tax Tools in the left menu bar
  2. Click on Tools
  3. Look under Other Helpful links….
  4. Choose View Tax Summary
  5. Look in the left menu bar and choose Preview my 1040
  6. Scroll down the page to see form 1040 and schedules 1 to 3

Level 2
Mar 24, 2023 5:37:04 AM

Thank You ! this worked perfectly - I found the information I was looking for and now know how to review the 1040 & Schedules as I go along.