SAFE investment

Forum|Forum|1 year ago
January 24, 2025
1 reply
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I have a capital loss from a SAFE investment I made a few years ago and became worthless in 2024. How do I enter it in TurboTax Premier? The Q&A format is asking for then tax form I received but there is none. I have the original SAFE investments detailing the cost, and the statement of business closure detailing its worthlessness. Thanks in advance....

Best answer by Shannon B1

Here’s how to enter your SAFE investment into TurboTax Premier:

Open your return in TurboTax.

Go to Federal Taxes, then Wages & Income.
Under Investment Income, choose Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
Answer "yes" to "Did you have investment income in 2024?"
On the next screen, "Let Us Enter Your Bank and Brokerage Tax Document," click "Skip Import."
On the "OK, Let's Start with One Investment Type" screen, choose "Other."
Use the following screens to enter your investment information.

Since your investment is worthless, report the proceeds as $0 and the date sold as the date it was deemed worthless.

Shannon B1Answer

Here’s how to enter your SAFE investment into TurboTax Premier:

Open your return in TurboTax.

Go to Federal Taxes, then Wages & Income.
Under Investment Income, choose Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
Answer "yes" to "Did you have investment income in 2024?"
On the next screen, "Let Us Enter Your Bank and Brokerage Tax Document," click "Skip Import."
On the "OK, Let's Start with One Investment Type" screen, choose "Other."
Use the following screens to enter your investment information.

Since your investment is worthless, report the proceeds as $0 and the date sold as the date it was deemed worthless.

peter_taxes

What is the equivalent answer for the SAFE investment with TurboTax online Premium? The "Other" option does not seem to exist.

LeticiaF1

Follow the steps that were given by ShannonB1, the screen below shows the option to select the type of investment. Then follow the questions to enter your information.