Turbotax not deducting all realized longterm loss under $3000.

[korsibor]

I sold some stocks ( not wash sales) and realized a longterm loss of -1698.08

On 1099B 

1d Proceeds = $936.81

1e Cost bases = $2634.89

Loss = -1698.08

When I enter these values, my tax burden only goes down by $590

I was of the notion that the full loss under $3000 can be deducted from taxes. Can some please explain why I am getting this result?

[rjs]

The loss is not deducted from your tax. It's deducted from your income. The capital loss first reduces any capital gain that you may have had. If the loss is more than your gains, the additional loss should appear as a net loss on Form 1040 line 7.