Step 10: File Your Return!
Once you've completed all sections and thoroughly reviewed your entire return, you're ready to file! TurboTax offers both e-filing (recommended for speed and accuracy) and the option to print and mail your return.
10 Related FAQ Questions about Reporting Investments in TurboTax:
QuickTip: Pay attention to first and last sentences.
How to get my 1099 forms if I haven't received them yet? Contact your brokerage firm or financial institution directly. Most allow you to download electronic copies of your tax forms from their online portal.
How to handle wash sales in TurboTax? TurboTax should automatically account for wash sales if your broker reported them on your 1099-B with the "Wash Sale Loss Disallowed" flag. If not, you'll need to manually adjust your cost basis for the disallowed loss.
Tip: Don’t skip — flow matters.
How to report cryptocurrency transactions in TurboTax? You'll generally report crypto as capital gains and losses, similar to stocks. TurboTax allows importing from some major exchanges, or you can manually enter transactions from your crypto transaction history.
How to enter cost basis that isn't reported on my 1099-B? If your 1099-B indicates that cost basis was not reported to the IRS, you'll manually enter the original purchase price (plus commissions) when prompted by TurboTax for each sale.
QuickTip: Reflect before moving to the next part.
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How to correct an error after I've filed my taxes with investment income? You'll need to file an amended tax return (Form 1040-X). TurboTax can help you prepare an amended return if you used their software for your original filing.
How to determine if my dividends are qualified or ordinary? Your 1099-DIV will clearly state the amount of qualified dividends in Box 1b. Any remaining ordinary dividends are found in Box 1a.
QuickTip: Read line by line if it’s complex.
How to report an inherited stock in TurboTax? The cost basis for inherited stock is generally the fair market value on the date of the decedent's death (stepped-up basis). You'll report the sale with this new basis.
How to deduct investment interest expense in TurboTax? Investment interest expense is generally deductible up to your net investment income. TurboTax will guide you through entering this on Schedule A (Itemized Deductions).
How to report mutual fund capital gain distributions in TurboTax? These are reported on your 1099-DIV in Box 2a. TurboTax will prompt you to enter this amount, and it's generally treated as a long-term capital gain.
How to know if I need TurboTax Premier for my investments? If you have sales of stocks, bonds, mutual funds, or other securities (requiring a 1099-B), or if you receive Schedule K-1s, you will almost certainly need TurboTax Premier or higher. Simple interest or dividends might be covered by Deluxe, but it's best to check TurboTax's product comparison chart.
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