I'd like to see if claiming a 2K stock loss makes sense, as I've never done it. I can't access Schedule D or Form 8949 in the TurbTax Free Edition. Do I need to upgrade?

[ever0095]

This would be an amended return as I've already filed. It would be the first time I have a realized short term captial loss. I've read that I can carry it over into next year - perhaps that would make more sense than upgrading TurboTax and amending this year.

[DavidD66]

You would have to upgrade to access Form 8949.  If you don't have any taxable income, the loss will just reduce your non-taxable income - it won't carry forward.  If you had a $5,000 loss, $3,000 would be applied to current year income and the remaining balance would carry forward.

[ever0095]

Thank you, I appreciate the response. I do not see the option to upgrade while logged into Turbotax Online. Most of the left menu options are gone, as I have already submitted my return. How do I upgrade solely to amend an existing return?

[RaifH]

If you need to upgrade to TurboTax Premier to file the amended return, TurboTax should prompt you when you opt to add the investment information. To begin the amend process, log into TurboTax and scroll down to Your Tax returns & documents. Select Amend (change) return and then Amend using TurboTax Online. 

If you had a capital loss this year but no taxable income, then the capital loss carries forward to the next year that you have income that can be offset by the loss. However, to take advantage of this capital loss carryforward in 2022, the original loss must still be reported in 2021 if you sold the stock in 2021. You can't delay reporting it until 2022. Instead, you should amend your 2021 return to include this loss. If you don't have taxable income in 2021, you can then use the carryforward in 2022.