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Level 1
posted Jan 23, 2025 10:16:20 PM

SAFE investment

I have a capital loss from a SAFE investment I made a few years ago and became worthless in 2024. How do I enter it in TurboTax Premier? The Q&A format is asking for then tax form I received but there is none. I have the original SAFE investments detailing the cost, and the statement of business closure detailing its worthlessness.  Thanks in advance....

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1 Best answer
Expert Alumni
Jan 28, 2025 12:39:45 PM

Here’s how to enter your SAFE investment into TurboTax Premier:

 

Open your return in TurboTax.

 

  1. Go to Federal Taxes, then Wages & Income.
  2. Under Investment Income, choose Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
  3. Answer "yes" to "Did you have investment income in 2024?"
  4. On the next screen, "Let Us Enter Your Bank and Brokerage Tax Document," click "Skip Import."
  5. On the "OK, Let's Start with One Investment Type" screen, choose "Other."
  6. Use the following screens to enter your investment information.

Since your investment is worthless, report the proceeds as $0 and the date sold as the date it was deemed worthless.


 

3 Replies
Expert Alumni
Jan 28, 2025 12:39:45 PM

Here’s how to enter your SAFE investment into TurboTax Premier:

 

Open your return in TurboTax.

 

  1. Go to Federal Taxes, then Wages & Income.
  2. Under Investment Income, choose Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
  3. Answer "yes" to "Did you have investment income in 2024?"
  4. On the next screen, "Let Us Enter Your Bank and Brokerage Tax Document," click "Skip Import."
  5. On the "OK, Let's Start with One Investment Type" screen, choose "Other."
  6. Use the following screens to enter your investment information.

Since your investment is worthless, report the proceeds as $0 and the date sold as the date it was deemed worthless.


 

New Member
Apr 14, 2025 7:30:49 PM

What is the equivalent answer for the SAFE investment with TurboTax online Premium? The "Other"  option does not seem to exist.

Employee Tax Expert
Apr 23, 2025 4:59:25 PM

Follow the steps that were given by ShannonB1, the screen below shows the option to select the type of investment.  Then follow the questions to enter your information.  

 

 

@peterinboston2