Can i get a refund of Stock Option and Foreign Exchange losses

[neeto1]

I was wondering since my losses last year exceeded my gains could they be tax refundable and if so how to i go about adding them to my return?

[Vanessa A]

Did you sell the stock?  If so, your realized losses can offset your realized gains.

If you did not sell the stock then you would not be able to claim the loss.

To enter the sale of foreign stock you will select the following:

• Income
• Show more next to Interest and Dividends
• Start next to 1099-OID, Foreign Accounts
• then walk through and enter your sales of your stocks and investments

If you had sales in the US you would enter then in the investment income section. 

[neeto1]

Actually i was referring to losses in Options trading and Forex (currency) trading. Sorry if i didn't word it properly.

[DaveF1006]

To clarify on the stock options, did you purchase the stock options or did you let the options expire?

[neeto1]

I apologize for the late replies. I sold the more costly ones but others i let expire. 

[DaveF1006]

Yes you will enter your stock options losses by going to;

1. Federal>wages and income>investment income>Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
2. Answer the preliminary questions until you get to the sales information page.
3. Under sales information, it will ask what type of investment did you sell, select options in the drop down menu
4. Then answer the questions that appear below the entry you made.

For the the Foreign Exchange losses, these are handled a little differently.

• Click on Federal Taxes (left menu) then on Wages & Income/Income & Expenses (up top)
• Under All Income, locate the Less Common Income section
• Click Show more and click Start next to Miscellaneous Income, 1099-A, 1099-C at the bottom
• Click Start next to Other Reportable Income
• Describe the amount as Section 988 Forex gain or loss (enter a negative number)

@neeto1 

[neeto1]

Thanks alot i imported my info from the brokerage i was using but the amount of my tax return didn't increase.