CApital gains counter twice?

[retasker]

I am confused!

When filling out my 2023 return the1099-DIV asks for qualified and non-qualified dividends and capital gains.

When I get to the 1099-B it asks for long tern and short term gains or losses.

If I enter everything on the forms as asked for it seems like my capital gains are being added to my income twice.  The total on line 7 of the 1040 is the sum of these two entries.

I get a combined statement from my investment company that includes all the information (not separate 1099 forms).

Am I doing something wrong or is this correct???

[Anonymous_]

Enter the information from your 1099-B once.

[retasker]

Not sure I was entirely clear in my original post.

On the 1099-DIV it lists dividends and on line 2a: Total capital gain distributions (includes lines 2b, 2c, 2d, 2f) which is what I enter in TurboTax.

In the 1099-B it lists long term and short term capital gains which is what I enter in TurboTax on the capital gains section.

I am not sure what the relationship of each of these items are and don't know if I am doing it right...  The two numbers are not the same (sometimes in years past widely different).

[RobertB4444]

The numbers aren't the same.  They don't come from the same source.  So they all need to be on your tax return,

A 1099-DIV reports money that you earned from owning stock in a company.  If you own a percentage of a company then they pay you out a percentage of their earnings.  Sometimes they pay you a portion of the capital gains they earned (which have to be separate on the form because they're taxed at a different rate).

A 1099-B reports money you earned from stock you sold.  The sale can earn or lose money.  These are capital gains that you earn directly and not as dividends.  

All of this shows up on your tax return on different lines.  But - unless your broker is doing something shady - it's not showing up on your return twice.

@retasker 

[TomD8]

@retasker --

Enter each form as is.  It's not a duplication.

Capital gains distributions are your share of capital gains that have been earned by mutual funds or ETF's by their selling of stocks, etc., that they own.

Capital gains are the gains you've made from your own selling the shares of stocks, mutual funds, etc. that you own.

Two different things.