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dmwjr1337
New Member

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

 
22 Replies
ThomasM
New Member

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

If you didn't sell stock or property, then it could be coming from a Form 1099-DIV, box 2a.  If you have mutual funds, then sometimes you'll receive capital gain income based on your shares in the fund.

This often confuses folks, since they know they didn't sell any stocks or funds, yet capital gains still show up on their return.

dmwjr1337
New Member

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

how do i remove 1099-DIV box2a?
ThomasM
New Member

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

Do you own mutual funds?
fanfare
Level 15

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

box 2a is part of your gross income and is taxable. It would not be wise to fail to report those amounts.
dmwjr1337
New Member

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

i dont even really know what those are, i use the robbinhood app, would that apply?
dmwjr1337
New Member

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

i have made no money on robbinhood, but i still added my account to turbotax
ThomasM
New Member

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

Since Robinhood is a financial services company, there's a strong likelihood that your capital gains amount is coming from them.  If you don't have any documents from them, then you need to make a phone call.  Just tell them that you want to confirm if you received any capital gains, and what it was for.  They'll tell you.
dmwjr1337
New Member

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

So if i didnt how would i procede? As turbotax is requiring me to purchase deluxe to file.
ThomasM
New Member

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

My advice is to put your return on hold for a day while you find out the answer to the cap gains question.  Assuming you do have cap gains, you will need to upgrade to Deluxe in order to file.  The Free Edition does not prepare a Schedule D, which is what you'll need.
dmwjr1337
New Member

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

Thomas, i was able to find my documentation for robbinhood, anything particular that i am looking for?
ThomasM
New Member

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

Form 1099-DIV, for starters.
ThomasM
New Member

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

If you don't have a 1099-DIV with a figure in box 2a, then you'll look for a 1099-B.  That's the form for stock sales.  If you know you didn't make money, then it could be that you have a capital loss, which would also require a Schedule D.
dmwjr1337
New Member

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

its says its a 1099-B , then says your account did not receive a 1099-DIV , 1099-INT , 1099-OID , 1099-MISC
dmwjr1337
New Member

It says i have capital gains or losses (schedule d), but i have no idea what this is and how it applies to me.

looks like $.33

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