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If you have capital losses of more than $3,000, TurboTax will automatically deduct $3,000 from your ordinary income and carry forward the balance. You do not need to do anything.
If you have capital losses of more than $3,000, TurboTax will automatically deduct $3,000 from your ordinary income and carry forward the balance. You do not need to do anything.
What if you want to use more then 3k of the losses, say I have 40k capital stock losses
turbo tax automatically only used 3 and is carrying over the other 37k, How do I deduct more then 3k for my losses ? My current balance due to Federal is like 5k, I want to reduce that by using my captial losses
Q. My current balance due to Federal is like 5k, I want to reduce that by using my capital losses How do I deduct more then 3k for my losses ?
A. You can't. It's not allowed.
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