mutual fund losses

[Donna1957]

I'm reporting a fortune in losses on my 1099B for 2020.  Does this lower my income for the year for tax purposes?   

[MayaD]

Yes, if you have more capital losses than gains, you can use up to $3,000 a year to offset ordinary income on federal income taxes, and carry over the rest to future years.

[Donna1957]

thanks.  How do i report this info in TT?

[ToddL99]

All you need to do is enter the 1099-B information in the Stocks, Mutual Funds, Bonds and Other interview of Investment income. 

Turbotax will calculate and apply the losses as appropriate, to include updating your loss carry-forward balance.

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