I added gains and losses of household's five accounts together and came up with a figure for net capital loss. There were no wash sale reductions. TurboTax supposedly added up the same numbers and got a different number, much less. I cannot figure out how TurboTax got its number.
"I added gains and losses of household's five accounts together and came up with a figure for net capital loss. "
if your results don't match TurboTax results
"I added gains and losses of household's five accounts together and came up with a figure for net capital loss. "
if your results don't match TurboTax results
Did you include Capital Gain Distributions from mutual funds? Those are reported on Form 1099-DIV. I can't explain why you're getting a different number with such limited information. If you would like to review the calculations on Forms 8949 and Schedule D, you can print or view your return without filing. To do so,
If you are using the desktop TurboTax software you can look at Form 8949 and Schedule D in forms mode. There may be more than one Form 8949.
I went back to the 1099-B's. In re-examining them, I discovered some of the capital loss figures were not being reported to the IRS. When I added those figures to the TurboTax figure, the resultant number matched what I had calculated for my total capital loss. Now I have to figure out how to get those into TurboTax.
You don't enter gains and losses into TurboTax. You enter the proceeds and basis for each sale or group of sales, and TurboTax calculates the gain or loss. If you enter the proceeds and basis accurately in TurboTax for all of the sales, the calculated gain or loss will be accurate.
The brokerage does not report gains or losses to the IRS. It reports the proceeds, and may or may not report the basis for any particular sale.
I did not enter the trading activity manually, but ported the forms using the Add Investments transfer feature. TurboTax might be recognizing only what is being reported to the IRS. I'm still working on figuring it out.
I do not have access to the Form 8949's because I have not paid for TurboTax yet. Thru my financial firm I'm to receive it free.
Yes, turbo tax did something funky to mine too (2023). Wisc adjusted my return (flagged), with this reason: "Line 32 - We changed your household income to include disqualified capital loss. To calculate the disqualified loss you must look at the individual capital asset sales instead of the net losses." and "Line 32 - Your homestead credit has been computed using a household income of X, taxes of X, rent paid for occupancy of X * 20% = X and rent paid for occupancy of X * 25% of X" (where X is my personal information).
Why did turbo tax allow this to occur? Once I upload previous years (multiple years), everything else should just be answering questions, provided I submit all my 1099's etc, shouldn't this be fool-proof.