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jagger
jagger asked in Business & FinanceTaxesUnited States · 2 years ago

The amount of losses I enter on turbotax does not subtract from my owed Federal Taxes?

I submitted a loss of $10,000 from stock trading however it did not change the amount I owed before submitting it. Anyway I can change this please?

Thanks!

4 Answers

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  • StephenWeinstein
    Lv 7
    2 years ago

    Only $3000 a year can be subtracted (the other $7000 carries over to the next year). And it can't be subtracted directly from owed taxes. They $3000 is subtracted from income, which typically lowers your tax by $300-$750.

  • Judy
    Lv 7
    2 years ago

    Were you already showing a net capital loss of 3000 or more before you put in the 10K? Are the taxes you owe income or self-employment tax?

  • ?
    Lv 5
    2 years ago

    If you still own the stock then the lost value is in not in the basis and you cannot claim a loss unless you have liquidated the stocks entirely.

    Try calling the Turbo Tax help line and asking their advice.

  • Anonymous
    2 years ago

    Stock trading losses can only be used to offset stock trading gains. If you don't have any, they will carry forward I think at $3000 a year or something?

    Some idiot asked the same question about crypto yesterday. Same amount, same problem. Are you using multiple accounts & making up questions?

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