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What section in turbo tax can i write off a loss occurred on a trade in the stock market

Lost over all more than 3k on one trade and down over 3k for the year. I read that it can be deducted from your income. Where do I add this info number in Turbo Tax
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2 Replies
JohnB5677
Employee Tax Expert

What section in turbo tax can i write off a loss occurred on a trade in the stock market

If you had a loss from trading stocks, you should get a FORM 1099-B from your broker.  

  • These are often posted online.  
  • It will provide the detail that you need to allow you to enter it into TurboTax.

To make your entries in TurboTax:

  1. Start at Federal
  2. Wages and Income
  3. Scroll to Investments & Savings
  4. Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B) [Start or Revisit]
  5. If you already have an entry, select the appropriate broker or add another account.
  6. Select your broker or follow the interview.
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What section in turbo tax can i write off a loss occurred on a trade in the stock market

Only enter the info (from form 1099-B) from the one trade.  Do not enter anything about unrealized losses ("down over 3k for the year").  TurboTax will only deduct (up to) $3000 of the loss on the sale.  Anything over will be carried forward to next year.

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