If you are working on a 2022 tax return using TurboTax, you must be using the desktop version. To report your Ponzi scheme loss:
- With your return open, switch to Forms mode by clicking on the Forms icon in the upper right hand part of your screen.
- Click on "Open Form" on the upper left
- Type in "Form 4684 Worksheet"
- Open the Form 4684 Worksheet
- Check Box 5c and then click on the QuickZoom right below it to go to Form 4684, page 3 to report Ponzi-Type loss
- Complete Parts 1 & II of page 3, and then click on the QuickZoom B at the bottom of the screen to go to Form 4684, page 2.
- Your deductible loss should appear on lines 28, 29, 30, and 32.
- Click on Schedule A under Forms in My Return
- Your deductible loss should appear on line 16 Other as Casualty and Theft Loss, and also be included in the amount on line 17 - Total Itemized Deductions
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