1099-B: Where to input Realized Loss?

luckydee784 · ‎June 7, 2019

I have incurred an overall loss trading options for 2016. I have been sent a form 1099-B. This loss is shown in Box 8 and 11, but do not see where to add in Turbotax?

AmyW · ‎June 7, 2019

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

Edited: 03/15/2017

To enter a 1099-B, follow the steps below:

https://ttlc.intuit.com/replies/4789365

View solution in original post

AmyW · ‎June 7, 2019

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

Edited: 03/15/2017

To enter a 1099-B, follow the steps below:

https://ttlc.intuit.com/replies/4789365