Capital gains & loses

Forum|Forum|3 years ago
February 27, 2023
1 reply
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I have loaded a summary of all gains & loses but when I get to the income summary page the total for gains and loses is $180 higher than the input screen. Is this a software error?

GeorgeM777

No, there should not be. What types of capital assets comprise your gains and losses? For example, does it consist of the sale of stocks, bonds, mutual funds, etc.? Did you sell other types of assets?

The sale of stocks are reported in one section of TurboTax, while the sale of other types of assets may be reported in other sections. Thus, knowing where your gains and losses come from will help us better understand your tax situation.

Lastly, have you worked your way through the entire income section? If you have not, then the Summary page may not have the most up-to-date sales information.

@63princess

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63princessAuthor

The only gains/losses are coming from a 1099-B statement. The total entered in that section matches my total however when I get to the Income summary section the gain is $180 more. The only income entries are fromW-2, 1099-INT, 1099-DIV & 1099-B.

GeorgeM777

It's not clear why you are seeing that difference. What is on your Form 1040 with regard to capital gains and losses? If you are using TurboTax CD/download, you can select Forms--upper right of your screen--and in the left margin, select Form 1040, and review your capital gain/loss information, which is on line 7. You can also review your Schedule D and/or Form 8949, Sales and Other Dispositions of Capital Assets, and see what is reported there. If the gain/losses that are reported on your Form 1040 match what you see on your 1099-B, then that is the result you want.

If you are using TurboTax online, follow these steps to review your Form 1040:

Open or continue your return.
Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
With the Tax Tools menu open;
Select Tools.
Next, select View Tax Summary in the pop-up.
Then Preview my 1040 in the left menu.