Do i need to include schedule d if i sold short-term stocks at a net loss?

Forum|Forum|3 years ago
March 2, 2023
3 replies
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i have a short-term loss of $78 and a short-term gain of $5, thus $73 net loss. TurboTax says i am required to upgrade to premium for extra $25, however, that is more than the tax benefit i would receive if i included schedule d.

TurboTax Deluxe Online

Best answer by AbrahamT

You are always better off including all the information from federal government documents like a 1099B that report this information to you. Remember, the IRS maintains copies of this information as well and $25 is well worth the aggravation if the IRS come after you later. Also, remember to combine your total tax benefit from both the federal and state. The savings between the two of them together might exceed $25.

AbrahamTAnswer

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BR711Author

Abraham,
Thanks for your response. I believe the Fed+State savings will still be less than the Premium upgrade cost, however, I hadn't considered the potential "IRS aggravation cost." I will now be following your advice and doing the upgrade.

robtm

Employee

Unfortunately Deluxe does not handle stock sales. You have to upgrade to Premier for investments.

BR711Author

Rob,

Thanks for your response. Yes, that part was clear, but didn't address my question.

Mike9241

@BR711 at your own risk you can omit it realizing you may face aggravation later on if the IRS makes an inquiry that would likely require an amended return.