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sjolley75166
October 27, 2021
Question

Capital Gain

  • October 27, 2021
  • 1 reply
  • 0 views

How do you input capital gain as ordinary income and input a capital loss from previous year?

    1 reply

    O
    OpeA1
    October 27, 2021

    TurboTax takes care of that for you! When putting in the transactions from your 1099-B, be sure to include the cost basis (dates and amounts when acquired), TurboTax will correctly classify the gain (or loss.) 

     

    To enter a carryover loss from the previous year, Turbo Tax will do that for you if you used the software in the previous year. If not, please follow the steps below:

     

    • Federal Taxes or Personal (Home & Business)
    • Wages and Income
    • Then scroll down to Investment Income
    • Capital Loss Carryovers - Click Start or Revisit
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