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No, you can't report stock trades on the Free Edition of TurboTax online.
You can either upgrade to Premier online for $69 or you can purchase TurboTax Deluxe download for $70 to complete your taxes.
No, that requires Schedule D, which isn't included in the free edition. The loss can be subtracted from any capital gains that you might have. If you don't have any capital gains, you can deduct up to $3000 of your loss this year and the remaining $409.39 next year from your taxable income.
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