Question

losses from a brokerage account

Forum|Forum|4 years ago
February 15, 2022
1 reply
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Hi,

Last year I was experimenting with stock and options trading. I have a small brokerage account. After I lost a couple thousand dollars I stopped trading. I forgot about it when I was doing my taxes and have already submitted my return.

1. Do I need to submit an amended return?

2. Will this help my overall tax bill?

Thanks,

Carole

TurboTax Self Employed Online

M

MinhT1

1. Yes, you'll need to submit an amended return.

Please be aware that Form 1040X will not be available in TurboTax until February 24, 2022, but once it is available, you will be able to prepare and e-file your amended return.

Please see this TurboTax article for instructions on how to amend your tax return in TurboTax.

2. You can deduct up to $3,000 ($1,500 if married filing separately) of capital losses from your income. So reporting the loss will help your tax bill.

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