Loss on foreign investment

[Carl82]

I made an investment through Ox Securities, in Sydney, Australia in a program called Alphbot. We transferred money to Oz  Securities which was transferred into the investment. The idea didn't work as supposed and we lost the entire investment.  It doesn't seem to fit into questions on Form 1035. Is there a way this can be claimed as a loss?

[ThomasM125]

You can deduct that as a loss on investment, which will be a capital loss. Net capital losses are limited to a yearly deduction of $3,000, with unused losses being carried over to future years. You enter that as an investment sale in TurboTax, with a sale amount of $0 and cost equal to what you invested.

You enter investment sales in the Wages and Income section of TurboTax, then Investment Income, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents. Choose Stock, Bonds, Mutual Funds as the type of investment you want to enter. You'll come to a screen where you can enter in your sales proceeds and cost basis.