TD Ameritrade does not provide 1099 forms for Forex trading, so the only thing I have is a printout of my Forex trading statement.
I have read conflicting information from others in the Intuit community, but some have said I am supposed to put my losses under:
Less common income - Misc income 1099-A 1099-C - Other reportable income
From what I understand, I am only allowed to deduct $3,000 every year until I no longer have a net loss. However, what amount am I supposed to put in Turbotax? Do I write the full amount of my loss, or do I only write -$3,000, and then report -$3,000 again on my next years taxes, etc?
Thanks in advance for any help from the community.
Yes, enter the actual activity that occurred during the tax year, even if you had more than $3,000 in losses. TurboTax will calculate the allowable loss and provide a "Carryover" loss to be included on future tax returns until all the loss is used up.
Gains and losses on investment in Foreign Exchange contracts are reported as Other Reportable Income.
The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "other reportable income", hit Enter, and click on "jump to other reportable income" to go directly to beginning of this topic.
See the discussion below (note: there is no upload option for these trades, they must be entered manually):
Yes, enter the actual activity that occurred during the tax year, even if you had more than $3,000 in losses. TurboTax will calculate the allowable loss and provide a "Carryover" loss to be included on future tax returns until all the loss is used up.
Gains and losses on investment in Foreign Exchange contracts are reported as Other Reportable Income.
The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "other reportable income", hit Enter, and click on "jump to other reportable income" to go directly to beginning of this topic.
See the discussion below (note: there is no upload option for these trades, they must be entered manually):
If the turbo tax general advice was useful we wouldn’t be searching the internet for the correct way to report forex losses. My first time this year. What did you figure out? I’m finding it difficult to find guidance on this, specifically related to turbo tax. I’d rather not pay an accountant, but this scenario is rather vague unless you actually fill out all the needed forms and mail them in. Isn’t there a way to input this into the turbo tax platform?