Yes. A loss on the sale of stocks (or any other investment) will first offset any investment gains. After it offsets investment gains, any remaining loss can be used to offset up to $3,000 of ordinary income. Any loss remaining after that can be carried forward and used first to offset capital gains or up to $3,000 of ordinary income until used up. To claim a loss on the sale of stock you need to enter the details of your transactions, which are reported to you on a 1099-B.
You may be able to download your 1099-B. To do so, in the "Search a topic or ask a question..." box type in "1099-b investment sales". Click on the link: "Jump to 1099-B Investment sales". Continue through the step-by-step interview till you get the screen "Let Us Enter Your Investment Sale Info". Enter your Broker-Dealer, and click Continue.
Then next screen may indicate your 1099-B is not yet ready, in which
case you'll have to return and import later. If your 1099-B is ready,
then the program will take you through the rest of the process...
If you don't want to import your 1099-B, then when prompted to "let us Enter..." just indicate you want to enter it yourself and enter the info on your 1099-B.
