I have a capital loss of over $6000 for 2016. TurboTax shows $3354 as amount of capital loss used in 2016. How is this possible? I thought maximum loss that can be used in 2016 is $3000. All data was imported from my brokerage company. I made no manual e
I have a capital loss of over $6000 for 2016. TurboTax shows $3354 as amount of capital loss used in 2016. How is this possible? I thought maximum loss that can be used in 2016 is $3000. All data was imported from my brokerage company. I made no manual e
You probably had an additional $354 of capital gains reported on a 2016 Form 1099-DIV.
Before applying the $3000 carry-forward loss, the program offsets any current year capital gains with the carry-forward loss balance. Then it applies an additional $3000 of the remaining carry-forward loss against your other, ordinaRY INCOME.
I have a capital loss of over $6000 for 2016. TurboTax shows $3354 as amount of capital loss used in 2016. How is this possible? I thought maximum loss that can be used in 2016 is $3000. All data was imported from my brokerage company. I made no manual e
You probably had an additional $354 of capital gains reported on a 2016 Form 1099-DIV.
Before applying the $3000 carry-forward loss, the program offsets any current year capital gains with the carry-forward loss balance. Then it applies an additional $3000 of the remaining carry-forward loss against your other, ordinaRY INCOME.
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