The information on Form 2439 is reported on Schedule D. It will flow to your Schedule D when it is entered into TurboTax.
To enter Form 2439 go to "Investment Income" and select "Undistributed Capital Gains" or you can search for "Form 2439" in the top right corner of your screen and select "jump to" that section.
If your mutual fund sends you a Form 2439: Notice to Shareholder of Undistributed Long-Term Capital Gains you increase your basis by the amount of undistributed capital gain that you include in income, and reduce your basis by the amount of tax paid by the fund on the undistributed gain (both amounts are reported to you on Form 2439). And, don’t forget to claim a tax credit on your 2022 Form 1040 for the amount of tax paid by the fund in 2022.
With TurboTax software, figuring out what taxes you owe on your investments is straightforward. We’ll ask you simple questions about your investments, you can easily import your information, and we’ll search over 400 tax deductions to make sure you get every credit and deduction you qualify for.
With TurboTax, figuring out what taxes you owe on your investments is straightforward. Here are some of the most common types of investments TurboTax can help with:
Per the instruction for Form 2439:
If you received a Form 2439 with a gain in box 1c, part or all of that gain (which is also included in box 1a) may be eligible for the section 1202 exclusion. Report the total gain (box 1a) on Schedule D, line 11. In column (a) of Form 8949, Part II, enter the name of the corporation whose stock was sold. In column (f), enter “Q,” and in column (g), enter the amount of the excluded gain as a negative number. See the instructions for Form 8949, columns (f), (g), and (h). If you are completing line 18 of Schedule D, enter as a positive number the amount of your allowable exclusion on line 2 of the 28% Rate Gain Worksheet; if you excluded 60% of the gain, enter 2/3 of the exclusion; if you excluded 75% of the gain, enter 1/3 of the exclusion; if you excluded 100% of the gain, don't enter an amount.
Since this is a very complicated topic and there are a lot of factors to consider you can click here for information on Turbo Tax Support. You can contact a Live Agent over the telephone and share your screen so they can help walk you through the process of entering your gains and obtaining your tax credits.
Click here for additional information of cost basis.
Click here for instructions on Schedule D.
Click here for information on Schedule D.
Click here for additional information on taxes paid on investments.
[Edited 01/30/23|5:41 pm PST] @halldawgz
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