Short term capital loss

[jimmyyoon]

Let's say, my short term capital loss this year was $2000.  I my short term capital gain was $10000.

But I also have a long term capital gain of $100. 

Let's also say I'm in the 22% tax bracket with annual salary of $50000.

1. How much can I deduct and how do I exactly go about the deduction when I file my tax next year? 

My guess was that I can deduct $2000 off $10000 , and obligated to pay tax from $8000 or $8100 I made over the year.  

2. What form do I need besides 1099B?   

2a- Is it 1040 Schedule D? 

2b- If so where can I get this? 

2c - Where and how do I submit this?

3. I'm a new to the stock trade and these steps seems overwhelming. Are these all the steps that could be done through Turbotax?   Does it have to be through "Turbotax Live CPA" or could it be done through regular step by step process by myself using Turbotax program?

Thank you so much in advance.

[SweetieJean]

duplicate post

[AnnetteB6]

Based on the scenario you presented, you have an overall capital gain of $8100 which will be reported on Schedule D.  There will be no carryover amount to deduct on your 2021 tax return.

You will need your Form 1099-B provided by your broker to enter the details of your stock sales.  Then, TurboTax will generate the other forms required for your return -- Schedule D, Form 8949 -- based on the Form 1099-B entries.

You can use any CD/downloaded version of TurboTax to prepare your return or TurboTax Online Premier or higher.  You do not have to use the TurboTax Live option unless you choose to do so.  

See the following TurboTax article to get started with entering your Form 1099-B:  Where do I enter a 1099-B?