Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
mh0109
New Member

I have dividends of $1220 and capital loss of $2000. How do I get credit for the loss?

 
2 Replies
DS30
New Member

I have dividends of $1220 and capital loss of $2000. How do I get credit for the loss?

TurboTax will calculate the amount of capital loss that can be used against ordinary income (up to $3,000 per year).

First you will use the capital loss to offset capital gains. Then you will be allowed to offset capital losses against ordinary income up to $3,000 per year. The remaining unused capital losses will be carried over to future years until it is all used.

Hal_Al
Level 15

I have dividends of $1220 and capital loss of $2000. How do I get credit for the loss?

A net capital loss goes on line 13 of form 1040 where it is deducted against all other income. A capital loss is first deducted from any capital gains, including capital gains distributions, on schedule D before going to line 13 of form 1040. At no point are capital losses deducted directly from dividend income 

Dynamic AdsDynamic Ads
Privacy Settings
v