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Level 3
Apr 15, 2023 4:24 PM UTC
Solved

Carryover crypto loss

Can I delete a crypto carryover loss from 2021? My 19 year old son dabbled in crypto much to my dismay and had a small loss ($113). Because of this carryover loss I cannot use TurboTax free edition to file his return. He will pay more to file then his refund. 

    fanfare
    fanfareAnswer
    Level 15
    Apr 15, 2023 4:42 PM UTC

    If you imported his prior tax return, you are already upgraded.

     

    visit the IRS at https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

    to find truly free filing. Note that some include free state as well; that's important.

     

    @SandyOH 

     

     

    3 replies

    fanfare
    fanfareAnswer
    Level 15
    Apr 15, 2023 4:42 PM UTC

    If you imported his prior tax return, you are already upgraded.

     

    visit the IRS at https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

    to find truly free filing. Note that some include free state as well; that's important.

     

    @SandyOH 

     

     

    fanfare
    Level 15
    Apr 15, 2023 4:47 PM UTC

    your son should have a voice in whether his future Capital loss deduction is discarded by not reporting.

     

    @SandyOH 

    SandyOHAuthor
    Level 3
    Apr 15, 2023 4:49 PM UTC

    I don't remember stating that he wasn't aware of this issue but thanks for the parenting advice!