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Tax question?

Author :

Submitted : 2018-06-15 06:40:26    Popularity:     

Tags: Tax  question  

Hi I lost about 30k buying and selling stocks in 2017 and didn't get any refund on my taxes. i lost about 10k in stocks in 2016 and got some refund. what is the reason i didn't get any refund in 2017?

I am doing my taxes through turb

Answers:

You claim $3000 loss this year and carryover the rest to future years. Any tax software knows that.

Because of how much other income you had, how much tax you had withheld from your pay at work, etc. Not because of the stock losses.

A tax refund simply means you overpaid your taxes. If you didn't properly deduct your capital loss or carryovers, you need to file an amendment while you still can. The goal is to MINIMIZE any tax refund, since an overpayment means you have effectively loaned the IRS your money interest-free until you prove you deserve to get it back.

Could be 1000 reasons, as you mention nothing else about those returns besides the losses. You had more regular income, less deductions, some credits you no longer qualified for, fewer dependents, etc, etc, etc.

DIY with Turbo Tax: Garbage In, Garbage Out. Maybe you should consult a professional.

1. Losing $40k over the past two years in stocks is pretty hard to do. Consider a different hobby.
2. Taxes are based on your total income. I assume you have a job or income source as well.
3. You pay taxes throughout the year. Doing your taxes is just a true-up of those taxes based on your total picture for the year. You obviously paid too little overall to get a refund. You're lucky you had that loss or you may have owed enough to have triggered a penalty for unpaying by too much.
4. Not understanding how basic taxes work would be an indication to me that I should not be doing my own investing.

What was the rest of your income? How much withholding did you have? Compare your 2016 return side by side with your 2017 return to see what the difference(s) are. Make sure you reported your capital losses correctly.

Define refund. It is the change from OVERPAYMENT. Obviously you didn't overpay as much. Concern yourself with your tax liability line, not refund.

First, if you have a net capital loss in a year, you can only reduce your taxable income by at most $3000. The rest of the loss carries over. Therefore in 2016 and 2017 you had a $3000 reduction in your taxable income because of your losses. Your refund is the difference between what you paid via withholding and/or estimated taxes and what it turns out you actually owed. That in turn depends on your income, filing status, dependents, and deductions (itemized and standard). The "good" thing about your losses is that you now have a carryover of $34,000 in losses to offset future capital gains, or $3000 a year for 11 years of regular income.



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