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February 27, 2023
Question

I need to do a schedule d for a loss on proceeds on 1099b . I can not find the place to do it. I search 1099b but there is no jump to link displayed.

  • February 27, 2023
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February 27, 2023

Schedule D is automatically generated by TurboTax when you enter form 1099-B.

 

These are entered in the investment section of TurboTax. You will need to use TurboTax Premier or Premium Online or purchase TurboTax CD\Download Deluxe or higher version.

 

Here are the steps to enter your investment sale: 

  1. Sign into your TurboTax account.
  2. Select Pick up where you left off
  3. Select Federal from the left side menu, then Wages & Income.
  4. On the Wages and income screen, scroll down to Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) and Edit/Add. 
  5. Continue with the onscreen interview and select Okay! on the screen Time to kick off your investments! OR Yes on the screen Did you sell any of these investments? then Continue
    • If you see Your investments and savings or Your investment sales summary, select Add investments or Add more sales
  6. When you reach Let's import your tax info, choose how you want to enter your 1099-B:
    • To import your form, select your brokerage or financial institution from the list. Enter your sign-in credentials for your account, then select Get my form
    • If you want to enter your 1099-B manually, select Enter a different way, then select your investment type on the next screen
  7. On the following screens, answer the questions about your 1099-B
  8. When you reach the Review your sales screen, the form you just entered should be listed
    • If you need to add another 1099-B, select Add another sale. Otherwise, Continue

Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.

  • You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.
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