Solved

I have1099 from Robinhood(stocks app), is this also included into state tax return?

I lost about 200 hundred bucks last year on stock market. I am wondering if the state tax return also accept a deduction of it.

Best answer by mglauner

If you have a capital loss in your federal return, it is included in your Adjusted Gross Income on Form 1040, Line 37.

Many states start with the AGI when calculating state income taxes, so it would be already be included as a deduction in your state return.

If your state requires that you add the capital loss back into income, you would still have a carryover loss to claim in the future.

Here's more info:

If you have a capital loss in your federal return, it is included in your Adjusted Gross Income on Form 1040, Line 37.

Many states start with the AGI when calculating state income taxes, so it would be already be included as a deduction in your state return.

If your state requires that you add the capital loss back into income, you would still have a carryover loss to claim in the future.

Here's more info:

1 reply