How do I view how Turbotax calculates capital gains? Total from all 1099 forms is $16,812. TT says I have $32,309 in capital gains.

Forum|Forum|1 year ago
February 14, 2025
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Sold some stocks. Total short term & long term combined proceeds are $40,020. Total cost basis is $25,759. So a gain of $14,260. Turbotax says my capital gains are $32,309 - how is that calculated?

Best answer by Lisa3588

I removed all my 1099-b info. and Turbotax still says I have ~$18k in capital gains. It's correctly accounting my 1099-b form when I enter it. But where is the other $18k coming from? What other income is considered capital gains?

Do you have Capital Gains reported on 1099-DIV? Mutual funds report the capital gains from fund portfolio transactions on 1099-DIV.

ThomasM125

You would have to look at Form 8949 Capital Gains and Losses or Schedule D to see the sales proceeds and cost basis of your investment sale entries. You can do that in the Forms mode if you are using the desktop version of TurboTax. If you are working online with the program, you would have to pay for the program first to see those forms.

You could also revisit your investment sale entries to see what you entered. You enter investment sales in the Wages and Income section of TurboTax, then Investments Sales, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc...

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d_wesleyAuthor

Using online version. The "Stocks, Bonds, etc. (1099-B)" box shows:

Total gain $14,261.41
Number of sales 2
Proceeds $40,020.49
Cost basis $25,759.08

So where are capital gains income of $32,322 coming from? Is there any other income that Turbotax would consider capital gains?

d_wesleyAuthor

Forgot to mention - my refund appears correct. Software correctly taxed me ~$2,100 (15% of $14k), Not sure why when I click on "see my capital gains" it shows $32,322.