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As long as you entered the information correctly (as it was reported on your 1099-B), then gains on the sale of stock will indeed reduce your refund. This is because tax is typically not withheld from stock sales. Therefore, your reduced refund reflects the tax owed on the gains from the sale of these stocks.
Please help me I sold a lot of stock in 2020 it is getting deleted as I enter it. Please help me . Asking me different questions. When I first enter the stock, it was easy for me. I had to make corrections and deleted stuff. I am old and I always used your Turbo Tax
Dorothy
Ii sold shares, winners and losers. When I first entered them. They did well. I deleted entries and now when I place a sale, it disappears. It gets deleted automatically. Dorothy
You have not helped me.
As an active investor, be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a.
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If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly.
Enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form (Line 2) to know how much to subtract. Be sure to NOT check the adjustments box in the summary window.
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Alternatively, if entry of Wash Sales is too tedious,
summarize and check the box for adjustments and enter the disallowed amount.
This summary will go on Schedule D Line 1b.
You will be making the mail-in election.
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