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zjparmley
New Member

I have zero income as a student and a 1099-B with a loss of $267. They want me to upgrade for $79!.Do I have to report this loss? I am not getting any refund anyways.

 
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I have zero income as a student and a 1099-B with a loss of $267. They want me to upgrade for $79!.Do I have to report this loss? I am not getting any refund anyways.

The issue you might run into is that the Sales Proceeds (not the net loss) will be reported to the IRS and depending on the amount of the proceeds and the details of the rest of your tax return, this could trigger an IRS letter.

You can review the two articles below (one is in case you are a dependent) to see your filing requirements.  If you aren't required to file a return, then you don't need to file a return at all.  But, if your sales proceeds amount are greater than the filing requirement, you might want to report just to avoid a potential IRS letter.  Also, you won't be able to carry over the loss to future years if you don't file the return.

https://ttlc.intuit.com/replies/3302274


https://ttlc.intuit.com/replies/3302185


But, have you looked into TurboTax Freedom Edition?  If that is truly your only source of income, then you would likely qualify for this product which would allow you to report and keep the carryover loss without upgrading.  This is a separate program through an IRS Free File Alliance so you will need to create a new username etc and clear your browser cache (preferably use a separate one).

https://turbotax.intuit.com/taxfreedom/

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