TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

TurboTax : Stock losses?

Forum|Forum|2 years ago
January 29, 2024
1 reply
0 views

Does TurboTax Carry over stock losses until it's fully deducted (not sure if that's the proper word) or is there a number of year(s) limit? it's $30k, so will turbo tax keep track of it for the next 10 years?

Employee

Yes if you transfer from the prior year each year it will carry over for however long it takes to use up. You can't skip a year.

You get to first offset the loss against any gains you have each year so that can use more of it up. Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year. Turbo Tax does all the calculations for you.

But If you have a negative AGI or negative taxable income it will show up on 1040 BUT it won't reduce the carryover to the next year.

JohnX10001Author

thanks for the clarification