We have 2022 capital gains distrib for 2 investments: $2700+1200. Coupled with losses of ($6400) from stock sales. Why is Turbotax showing $117,000 in capital gains?

Forum|Forum|3 years ago
February 18, 2023
1 reply
0 views

We have entered data for 1099-DIV and 1099-B forms. And have triple-checked our entries. We expected to see a net loss, not a huge positive number.

TurboTax Premier Online

MonikaK1

If you have checked and are certain that you didn't make any entry errors on any of these transactions, such as adding a zero, there are other possible explanations for the discrepancy you noted.

The capital gains on your tax return can include other transactions besides those shown on Forms 1099-DIV and 1099-B. For example, if you had capital gain from the sale of a personal residence that was more than the allowable exclusion, this would be included in the figure. If you sold business or rental property, or vacant land, that would also be included in your total capital gains.

You can preview your complete return in TurboTax to see in more detail what has been included in your total capital gains. See here for details.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

GreyrockAuthor

Employee

Thanks, MonikaK1, for the prompt response. Your clue about viewing the actual tax forms finally got me to Schedule D which provided the clue I needed to solve the problem. 🙂