Question

Stock corporation sales

Forum|Forum|4 years ago
April 12, 2022
2 replies
0 views

I have multiple sales for a stock that I lost a lot of money on but it is showing under the box Gain/Loss 0

I'm not sure why wouldn't it calculate it is there anyway to edit it I'm going to have to pay a lot of taxes if I cant fix that.

thanks if anyone can help me out I would appreciate it a ton.

LudwigVan_fan

Employee

Did you enter the sales under Personal Income; Investment Income; Stocks, Mutual Funds , Other

Then as you enter it as 1099-B, you need to put in date acquired, date sold, Sale Proceeds, Cost or other Basis

Then you need to select a Code that applies to the sale. Your picture shows Box A, Short Term Covered.

Your loss is limited to capital gains reported or $3,000 to be applied to taxable income. Any excess loss is carried forward.

https://www.irs.gov/taxtopics/tc409

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

G

GeorgeM777

It appears that you entered the transaction correctly in that your cost basis is greater than your proceeds, and thus, should result in a loss. Rather than reviewing your transactions on the page you posted, go back to Your investment sales summary page and see whether your loss is reflected on that page. To go back to Your investment sales summary, just select Federal (left margin), then Stock, Cryptocurrency, Mutual Funds...etc.

You might also have to continue through the rest of the Investment section before TurboTax will update its calculations.

@Brendan6

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