How can I enter a stock loss into Turbo Tax that did not reported on a 1099-B?

[brendan_j_cox]

I received notice that a purchase of employee stock options have become worthless and are a captial loss. I did not recieve a 1099-B form. How can I report this loss in turbo tax? I am aware that this is usually done with Form 8949 but Turbo Tax says it will generate that form for me. Unfortunately the only option in the web version is to uplaod a 1099-B form.

[Vanessa A]

You can take the same steps as you would if you actually had a 1099-B, but you will select short term, long term or unknown basis (whichever applies) NOT reported to the IRS under sales selection.  When asked to upload say no or hit skip and choose I'll type it in myself. 

To enter the sale select the following:

1. Federal
2. Income
3. I'll Choose what I work on
4. Investment Income
5. Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
6. Stocks Bonds Mutual Funds
7. Enter the bank or brokerage name and any other info you have (you do NOT have to have the Payers TIN)
8. Choose basis not reported to IRS for Sales Section
9. Choose the type of stock and continue through to enter the sale and the costs basis

[tsteele93]

Will this basically create a Form 8949?

And does it limit the loss to $3k per year? 

And does this mean, for example - if I had income of $16k elsewhere but had a loss of a stock in a company that filed bankruptcy that was $16k, that they do not cancel out?

The IRS is so pleasant and logical.

[DianeW777]

Yes, it may generate a Form 8949 for you if necessary. Yes, an overall capital loss is limited to a maximum of $3,000 per year ($1,500 for married filing separately). Any capital loss will first reduce any capital gain and the remainder, if any, will be used at the annual maximum stated, and the overall loss is greater then it would be carried forward.

Current and future use information:

• What is a capital loss carryover?
• How do I enter a capital loss carryover?
• Topic no. 409, Capital gains and losses

@tsteele93