Tax help for K1 using home and office 2021, Additional Help for investment sales such as stocks, bonds, royalties, mutual funds and employee stock plans

[jsphilltax]

I originally purchased turbo tax premiere cd desktop edition because I used it since 2013 to do my taxes. I called about some things and wanted to talk to a tax expert. The customer service person told me if I upgraded to home and business, I could talk to a tax expert because it was advertised to have "Additional Help for investment sales such as stocks, bonds, royalties, mutual funds and employee tax plans" I arranged with the rep to be paid for the upgrade and updated the software online as they instructed. Today I called to get some help with a special case stock situation and the customer support people refuse to connect me to a tax expert for the Additional Help. They insist I have to use live to work with a person that can have the situation explained and provide assistance to correctly use the program and fill in the correct information. 

The situation is that the last K1 for the stock I reported was from 2019. since then, the company has gone bankrupt, and the stock account has maintained a value of $296.76for the past 2 years. K1 forms are no longer distributed for this investment.

The other aspect to this is that I have a negative income each year and I have been holding on to the investment because I have a loss of thousands of dollars that I will cash in this year when I actually have a positive income to use the loss on.

With all that said, I need to talk to a tax person to help me with this as I was told would be possible by upgrading my software to Home and Business from Premier. How can this happen without this LIVE scam?

[RobertB4444]

@jsphilltax  To address your tax question first - the day that you are aware that an investment has become worthless is the day that it becomes worthless.  So if you found out that the company went bankrupt in 2019 the loss should have been entered on your 2019 tax return.  Even though you didn't have any capital gains to write of against it.  The capital gains loss carries forward (as does your overall loss as long as you elect to do so) and it stays until you have capital gains to write it off against.  You should amend the return for whatever year you became aware the stock was worthless and enter the loss in that year.

As far as talking with someone about this you can reach out to someone about upgrading to live in order to have a professional review sections of your return with you which is what the operators think you want.

Here is a link to finding a TurboTax expert.

If you don't want the added expense, though, you can still speak to an expert over the phone.

Here is a link to the TurboTax Phone Number.