Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Feb 13, 2020 7:57:26 PM

I qualify for EIC, except perhaps that I have investment income. The total net investment income is less than $3600, but that is because I have capital losses of $800+. Why does TurboTax ignore my capital losses for EIC?

0 2 714
1 Best answer
Expert Alumni
Feb 13, 2020 8:18:26 PM

For the calculation of investment income for EIC, capital gains are included but capital losses do not count.

 

Please see Worksheet 1 at the end of this IRS document.

2 Replies
Expert Alumni
Feb 13, 2020 8:18:26 PM

For the calculation of investment income for EIC, capital gains are included but capital losses do not count.

 

Please see Worksheet 1 at the end of this IRS document.

Level 2
Feb 13, 2020 8:45:30 PM

Thank you. I used to do all the taxes myself (all the info is in the publications). Now that I rely on TurboTax, I can't do as well anymore. The computer can only do the forms, it cannot do the tax planning for you. If I had the time, I would ditch TurboTax and do everything myself again. (Or if I had the income, I would hire good tax people--but neither is the case, otherwise I wouldn't be trying to qualify for EIC.) 🙂