Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
B
bkreu19
February 13, 2023
Question

Stock Loss Question Affecting Refund

  • February 13, 2023
  • 1 reply
  • 0 views

Hello. I have around $2,000 in federal taxes that I owe but I had a net loss on stocks of $4341. Shouldn't I be able to use $3000 of that loss to deduct what I owe? When I put it in, it only takes off around $500 from what I owe. Thanks

    1 reply

    M
    MonikaK1
    February 13, 2023

    If you had a capital loss that was limited to $3,000 for this year's tax return, that would reduce your taxable income by $3,000. The effect on your tax depends on your tax rate.

     

    For 2022, the tax rates range from 10% to 37% depending on income level.

     

    See this TurboTax article for the tax brackets and a calculator you can use to determine your marginal tax rate.

     

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
      TurboTax Sign In Widget
      TurboTax flag icon

      Unlock tailored help options in your account

      Create an account
      TurboTax Expert Assist
      TurboTax Expert

      Get answers to all your tax questions

      Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

      Terms & ConditionsAccessibility statement
      Intuit
      TurboTax Credit Karma QuickBooks MailChimp

      ©1997-2022 Intuit, Inc. All rights reserved.
      Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
      of Intuit Inc. Terms and conditions, features, support, pricing, and service options
      subject to change without notice.

      Security Certification of the TurboTax Online application has been performed by
      C-Level Security.

      By accessing and using this page you agree to the Terms of Use.

      Accessibility

      TRUSTe nResult Certified e-File C-Level Security Certification