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@ramiroh9 --- (a) Non Resident Aliens are taxed only on US sourced/connected income -- so foreign income is not taxed by the USA and therefore no losses / gains are recognized either;
(b) Non-Resident Aliens file their tax return ( covering US income ) using form 1040-NR or 1040-NR/EZ ---- none of these forms are supported by TurboTax. SprinTax is TurboTax partner in this. You can also use the services of Tax professionals familiar with international filings.
Whcih country are you from? Are you in the USA? When did you enter the USA and with what visa? Are you working here ? Do you have Tax ID ( SSN or ITIN )? Are you married and if so to US citizen/Resident or ?
I already filed my taxes using turbo tax.
Please advise what should I do.
Which country are you from?
Mexico
Are you in the USA?
Yes
When did you enter the USA and with what visa?
January 2019 with a Work Visa TN/NAFTA
Are you working here ?
Yes, I'm currently working on W2
Do you have Tax ID ( SSN or ITIN )?
Yes, I have a social security number
Are you married and if so to US citizen/Resident or ?
Single, Never Married, Not-Resident
@ramiroh9 , since you were admitted to the USA with work visa in Jan 2019 AND assuming that you have not spent any days in the USA during the prior years ( 2017 and 2018 ), you would be a dual status person for 2019 --- till you met the substantial presence ( 183 days counting all the days in 2019 + 1/3 the days present in 2018 + 1/6 the days present in 2017 ) you are Non-Resident Alien and thereafter you are Resident Alien for tax purposes.
As a resident alien for tax purposes you are taxed on your world income -- thus if you had losses in Mexico that could be recognized ( need to what type of losses , stock sale, sale of main home, sale of income property or what ? ) under US tax laws, it should help your US tax burden. Personal losses are only deductible with a floor of 2% AGI and if you itemize.
Does this help or you need more ?
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