You'll need to sign in or create an account to connect with an expert.
Since all documents are filed with the IRS, you will want to enter all tax documents with the year to which they are issued. If the capital loss is greater than the capital gains you are able to deduct the difference as a capital loss up to $3000 if married filing jointly (or $1500 if married filing separately) per year, even if you do not have the ordinary income to offset it. If the amount is greater than the yearly limit, then there are elections within TurboTax for what to do with the carryover amount if you cannot use the entire amount this year.
For more information about the treatment of capital loss, please see page 37 of the link below:
http://www.irs.gov/pub/irs-pdf/p544.pdf
To enter a 1099-B, follow the steps below:
https://ttlc.intuit.com/replies/4789365
Since all documents are filed with the IRS, you will want to enter all tax documents with the year to which they are issued. If the capital loss is greater than the capital gains you are able to deduct the difference as a capital loss up to $3000 if married filing jointly (or $1500 if married filing separately) per year, even if you do not have the ordinary income to offset it. If the amount is greater than the yearly limit, then there are elections within TurboTax for what to do with the carryover amount if you cannot use the entire amount this year.
For more information about the treatment of capital loss, please see page 37 of the link below:
http://www.irs.gov/pub/irs-pdf/p544.pdf
To enter a 1099-B, follow the steps below:
https://ttlc.intuit.com/replies/4789365
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
packfan444
New Member
dsmith48302
New Member
tsinijinnie
New Member
brian-graves12
Level 1
lautzenm-yahoo-c
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.