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Where do i put in capital gain info when I have no 1099-b?
I never received a 1099-B but I have the info for capital gains. Where do I enter this info?
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June 3, 2019
1:38 PM
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It depends. Are the capital gains reported on another document? What is their nature?
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June 3, 2019
1:38 PM
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I received a spreadsheet from my financial adviser.
June 3, 2019
1:38 PM
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But no 1099-B, correct?
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June 3, 2019
1:38 PM
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Thanks
To follow up-I understand that long term are taxed at 15%. When I enter my info, the tax rate is around 24%. Any reason it is not taxing at the standard 15% rate?
To follow up-I understand that long term are taxed at 15%. When I enter my info, the tax rate is around 24%. Any reason it is not taxing at the standard 15% rate?
June 3, 2019
1:38 PM
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You are entering them in the short-term section. Short-term capital gains are taxed at your marginal rate.
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June 3, 2019
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I went through your procedure and I still am getting taxed at over 22% instead of 15%. They are long term. Any ideas?
June 3, 2019
1:38 PM
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What is your income level (approximately)?
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June 3, 2019
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And filing status?
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June 3, 2019
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If you were in the top tax bracket they would be taxed at 20% and an additional 3.9% for the NIIT provision on higher income earners. I was thinking it may have been coming from there. Your income is in the 22% bracket. The only other thing that comes to mind is AMT, but I don't see why that would be calculating. The only other thing I can think of, not seeing your account, is that some input went in wrong. Try to double-check your inputs again.
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June 3, 2019
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This is entered as Investment Income. To find this in TurboTax, you can type the word "Schedule D" in the Search Box and then click on the link Jump to Schedule D. Then:
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Did you Sell Any Investments? Yes.
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Did you get a 1099-B or a brokerage statement...? Yes. Although you don't have a 1099-B, your document reports your transactions. It passes this question.
- In the next couple of screens, enter the brokerage or bank information (you'll probably have to do so manually).
- You can choose to enter one sale at a time or enter a summary. If your financial advisor gave you an accurate summary, you may use that.
- On the same screen, enter the Proceeds and the Cost Basis. The most important entry comes next: under Sale Category, you will select C if the transactions are short-term and F if the transactions are long-term.
- After that information has been entered, the next screen will provide instructions on sending in the statement along with Form 8453. To assist you with this, please see this link: Form 8453 and the instructions
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June 3, 2019
1:38 PM