GeorgeM777
Expert Alumni

Investors & landlords

The capital gains and capital losses from your 1099-B should be consistent with the amounts on your federal return.  If not, you need to adjust them so that they are consistent.  One reason why you may be asked about gains from US obligations is that state governments cannot generally tax the federal government and vice versa.  Thus, to the extent you have gains from US obligations (namely US government debt securities) then such gains may not be taxable by your state.  

 

It is not clear why your federal total gain should be greater than what is on your 1099-B.  Have you determined that all of the capital gains from your 1099-B are reflected on your federal return?  It could be that some of the entries in the investment section of TurboTax are greater than what they should be.  Check for any whose value looks too large and compare that transaction with your 1099-B.  To the extent you find discrepancies, make the appropriate adjustment in TurboTax.  

 

@cruella2711

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