2024 tax year. I have usually only have SS benefits plus interest income and don't pay have to pay taxes. For 2024 I also had capital gains (which were imported in so are correct). Turbo tax said I owed $583. I wrote a check. Recently I received a letter from the IRS stating I owed an additional$3,134.12 which includes $70.12 interest. I got an IRS agent on the phone (a minor miracle) and he reran my taxes and said turbo tax in wrong. I wrote another check.
So what gives? If I can't get an explanation as to this discrepancy then I can't trust Intuit and will never buy any of their products again (as well as leaving crappy reviews where ever I can).
What were the amounts of your proceeds and cost basis on your return?
short term; proceeds 53,389, cost 38762, capital loss carryover -31,344
long term; proceeds 218,428 cost 142,013 capital loss carryover -33,183
Is the Capital Loss Carryovers from 2023? Better double check your 2023 return and Schedule D. Maybe the IRS doesn’t have the carryovers in your account. And the imports might have imported wrong, that’s common. You have to check the imports closely. Or the IRS could have changed something other than investments on your return. Did they say what was wrong?
And check the 2024 Schedule D. Does it look right? And the amount on 1040 line 7?
Even though the full amount shows up as income on the 1040 as income, if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return. In the online version you need to save your return as a pdf file and include all worksheets to see it.