Question

Schedule D not matching Line 6 of 1040 worksheet.

Forum|Forum|6 years ago
March 27, 2020
2 replies
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I'm looking at an overview of my 1040 before finalizing my federal taxes. The Schedule D amount does not match the amount shown in the 1040 worksheet for line 6. This is causing income to be overstated. How can I get this corrected?

J

JulieS

The amount that appears on line 6 of Form 1040 is the amount from line 15 of Schedule D, if it is a positive number. It includes several things in addition to the net gain or loss from your transactions. The amount on line 15 of Schedule D includes:

Long term capital gains or loss.
Gains from Form 4797, Part I (sales of business property)
Long term gains from installment sales.
Long term gains from Forms 4684, 6781, and 8824.
Long term gains from K-1 forms.
Capital gains distributions from 1099-DIV, box 2a.
Capital loss carryover from prior years.

The easiest way to figure it out is to check boxes 11, 12, 13 and 14 on Schedule D. The two most overlooked items are gain from business property, which can be just trading in a car used for business; and capital gain distributions from 1099-DIV.

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D

dlpmanAuthor

Thanks for the information. How do I review the schedule D? When I use "help" it takes me to the income part of inputs for turbo tax. This is where I have the discrepancy. Total income on this page does not match total income on the 1040. It will be helpful if I can review the actual schedule D rather than the income page so I can check the lines you've mentioned above.

A

Anonymous

if line 16 is a net loss, your limited to $3,000

what line are you looking at?