Turbo Tax May Be Making Mathematical Errors!

Forum|Forum|3 years ago
April 12, 2023
1 reply
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I typed into Turbo Tax Premier that at one brokerage I have a long-term, non-covered net gain of $8218.24 and a long-term, covered net loss of -$867.18; at another brokerage I have a long term, covered net gain of $14,104.43. This should result in a total long term gain of $21,455.49. However, when Turbo Tax summarizes my 2022 total gains/losses at a later point (when asking me to estimate future gains/losses), it lists my total long-term capital gain as $28,151. This is $6695.51 more than what it really is. (Note: the total short term loss was calculated correctly.) Please, what should I do?

Best answer by hbl3973

Did you have any capital gains distributions reported on forms 1099-DIV? Those show up as long term capital gains, too.

hbl3973Answer

Employee

Did you have any capital gains distributions reported on forms 1099-DIV? Those show up as long term capital gains, too.

redz7yadhjjqy8jkAuthor

Thank you, thank you, thank you hbl3973!!!!! That is the answer! My capital gains distributions explain the difference in amounts. This is a big relief to me as I imagined the error carrying over to my tax calculation, not to mention my having a sudden distrust in Turbotax worthiness.

A very appreciated reply, hbl3973.