Question

Need some help understanding capital losses. After putting in $2000 loss deduction my federal taxes owed stayed the same. Why?

Forum|Forum|3 years ago
March 26, 2023
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TurboTax Self Employed Online

Employee

There's no way to give you a definite answer without being able to see your tax return, which we can't do here in the Community. One possibility is that your regular income tax on Form 1040 line 16 is already zero, and the tax that you owe is self-employment tax or some other tax besides regular income tax. The other taxes would be listed on Schedule 2. The taxes on Schedule 2 are not reduced by a capital loss.

See the following FAQ for instructions to view your Form 1040 in TurboTax Online. "Preview my 1040" will also show you Schedules 1, 2, and 3.

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