Capitol losses in TurboTax deluxe ?

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Jerry55
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Capitol losses in TurboTax deluxe ?

Post by Jerry55 »

It's been 10 years since I've sold a Stock, which was Ford in Jan 2010 for a profit.
At the same time I purchased Ford, I also bought 600 shares of GE, but decided to sell and use the $4,000 loss to offset gains in other investments.
Last time I used TaxAct, but they've gotten to the point of being too expensive, and I just had a question of whether anyone knows if TurboTax Deluxe will do the math for me...or will I need to get the premier version, which I don't think I'll need. My portfolio is simple with nothing more than interest from savings, LT and ST Capitol gains and dividends, and just this loss to offset same. I'm aware of the $3,000 limitation with carryover til next year.

Please don't respond if you're going to mention any other tax programs, as I've decided already, and so had my dear GF.

Thanks in advance.
Retired CSRS on 12/19/2012 @ age 57 w/39 years | Good Bye Tension, Hello Pension !!!
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dual
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Re: Capitol losses in TurboTax deluxe ?

Post by dual »

Turbotax deluxe handles the sale of stock. You just need to enter the information from the 1099-B from your broker. I use forms mode, ctrl-2 but (I think) you can also use the question and answer approach. Or better yet, Turbotax can automatically download the information from many large brokers like Vanguard, Fidelity, Schwab and many others. It will then automatically enter the numbers in the right places in the program without you doing anything else. Well, except checking the results to be sure they are correct. :D

edit: I just checked about download of information from brokers' websites. According to the Intuit website:
https://ttlc.intuit.com/community/taxes ... e/00/58307
Yes the Desktop Deluxe will import it.
The Online Deluxe version will not import it.
HomeStretch
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Re: Capitol losses in TurboTax deluxe ?

Post by HomeStretch »

Be forewarned that TurboTax Deluxe will try to upsell you to Premier for a fee. Ignore it.
Last edited by HomeStretch on Tue Jan 14, 2020 7:49 pm, edited 1 time in total.
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Jerry55
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Re: Capitol losses in TurboTax deluxe ?

Post by Jerry55 »

Thank you very much dual...
I was at Sam's Club today and saw it for $39.95 but wanted to double check before I purchased it.

And thanks for the warning Homestretch ~
Retired CSRS on 12/19/2012 @ age 57 w/39 years | Good Bye Tension, Hello Pension !!!
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