Capital Gains not listed on 2018 Income Summary but included as taxable income

[rosm2004]

Hi,

I'm using 2018 TurboTax Deluxe Windows CD and entered all my information in step-by-step mode and using imported documents.

When done, the Income Summary page listed all income, such as pensions, social security, and interest except for capital gains. So I thought I had no tax liability on capital gains.

However, capital gains was reported on my 1099-DIV line 2a and transferred to Schedule 1 line 22. This amount was added to the 1040 line 6 and included in my total taxable income.

I had called Turbo Tax and talked to a rep about this and she didn't know what to say about it. In fact she didn't understand why I was being taxed on capital gains all since the distributions were reinvested (but I have since talked to my broker and the actual tax calculation seems to be correct). I also saw someone report this discrepancy for the 2017 edition but they didn't receive an answer.

Has anyone else noticed this discrepancy?

TurboTax, please fix this and add (short term) capital gains income on the Income Summary page. 

[NCperson]

on the income summary page, SCROLL DOWN to 'investment income'... are you saying it's not listed under stocks , mutual fund?

[rosm2004]

No, it's not listed on that page at all. I have checked several times. In fact, under stocks and investment income it's showing a negative amount, which comes from my 1099-B under Realized Gain/Loss for long-term transactions. The Total Capital Gains Distribution is reported on 1099-DIV line 2a, and does not appear in the summary at all. Afterwards, it shows up on the "Here's a Picture of your 2018" page, which is the first time I saw it, so it was a shock. I kept going back to the income summary page and opened all the fields to see where it had been entered, but it's not there. It is then included as taxable income on 1040 line 6.

[NCperson]

understand that the capital gains distributions is a form of dividend and is posted there

1) in the summary income section, open up the dividend detail and there should be 3 columns - the cap gains is on the left and the remaining dividends are on the right column.  

2) in the summary income section, review the stocks and mutal funds total

3) if you take the 2 numbers I have above in red and add them together THAT should be the Schedule D total that is traced to Schedule 1 Line 13 and then traced to Form 1040 Line 6.

[rosm2004]

Okay, I see it now, thanks. If I press the Update button for 1099-DIV, it does show the capital gains distribution. However, on the main page, it only show the amount in the Ordinary Dividends column 3, not the Capital Gains column 1.

So, shouldn't TurboTax add this field to the income summary page?

[Dan D]

I agree - they should show up on the "Your 2018 Income Summary" page!  I just spent 20 minutes trying to find out why the numbers on that page don't add up with the "Federal Tax Summary".  I found it when I went through the actual tax forms so I believe it is correct.  Also not sure why HSA numbers are on that page?

[TError4]

TurboTax still has not fixed this.  I had the same problem on my 2019 return.  And, when I called about it, the telephone "help" was preposterous.  They insisted that I did not have to worry about distributed capital gains because those gains "are not taxable."  I kept the name of the TurboTax responder and the id # of the call in case anyone at TurboTax wants to try to fix this "advice" problem in their system -- but it would probably be easier just to fix their computer program.  If I had not located this advice on google, I would have been left entirely in the dark.

[rosm2004]

It's really unacceptable that Turbo Tax still hasn't fixed this problem.  I wasted hours trying to track down the discrepancy  ... 

[LindaB1993]

I agree that the it would be helpful if the summary page displayed  the capital gain distributions.  

Although, not currently part of the recap on the landing page, your recommendation has been duly noted.   

Please continue to reference the following until it is updated:

• the summary income section,
• the dividend section 
• 3 columns - the cap gains is on the left and the remaining dividends are on the right column.  

[Deholz]

And here we are doing 2021 taxes, and CGD are STILL not noted on the Income Summary.

Sigh.

[rosm2004]

Yes. I just saw that. I don't understand why they still haven't fixed it. 🙄