Do I need to file a separate form? Or will I just need to input the 1099 provided to me by my taxable brokerage and TurboTax will do the rest for me?
Is this a free service within TurboTax? any way I can get it for free or at a discount?
If I sold stocks that have gains and also sold stocks that have a loss, then I still need to pay the capital gains tax on the difference right? (assuming it is a positive number)
assuming that I sold more stocks at a loss, than I sold stocks at a gain, do I need to fill out a separate form so that I can deduct (up to $3000 I've read...?) the money that I've lost?
any and all help is greatly appreciated! Thank you so much!
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Yes you can import or enter the 1099B for sales. Turbo Tax fills out schedule D for it.
If you are using the Online version you need to use Premier to enter investments. No it is not free.
You pay tax on the net gain. If you have a net loss for the year you can only deduct 3,000 (1,500 MFS) max on your tax return. The rest you have to carryover to next year. You have to report the carryover every year until it's used up. You can't skip a year.
How to import your 1099
https://ttlc.intuit.com/community/entering-importing/help/how-do-i-import-my-1099/00/26254
Enter a 1099B under
Federal Taxes Tab or Personal (Home & Business)
Wages & Income
Then scroll down to Investment Income,
Then Stocks, Mutual Funds, Bonds, Other - click Start or Update
If you have a sale for shares that you bought at different times you can put various for the date purchased. But you should split the sale into 2 sales for short term and long term lots. So if you bought any shares or reinvested dividends within a year of the sale they would be short term.
@VolvoGirl ah thank you so much for your help!
So if I lost money from the sale of my stocks, do I need to have a separate TurboTax package than if I had gained money from the sale of my stocks?
Also, do I intentionally/manually need to request through TurboTax if I was wanting to receive a tax break from selling the stocks at a loss? or will TurboTax do it for me considering this is a paid package? Like basically my question is if on my 1099 it reflects that I sold stocks at a loss and ended up losing money because of it, do I need to specially "request" or "notify" the IRS of this loss so that they can deduct this loss from my taxable income?
No. It's all done on your personal tax return. You enter each sale and the cost. Turbo Tax calculates the gain or loss. If you have an overall net loss it will deduct the 3,000 max on your tax return and carryover the rest of the loss to next year.
No you enter it all into the same version Premier.
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