Normally Dividends, Interest, etc. in a Capital Construction Fund are exempt from taxes. There is a place in TT step by step where I can adjust the amount of gain.
I can't find similar steps to adjust the gain when I enter Proceeds from Broker.
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Do not report on your income tax return any capital gains from the sale of capital assets held in your CCF account. This includes capital gains distributions reported on Form 1099-DIV, Dividends and Distributions, or a substitute statement.
However, you should attach a statement to your tax return listing the payers and the amounts. Identify the capital gains as “CCF account earnings.”
Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. Nevertheless, you should attach a statement to your return to list the payers, the amounts and to identify them as “CCF account earnings.” If you are required to file Form 1040, Schedule B, Interest and Ordinary Dividends, you can add these earnings to the list of payers and amounts on line 1, and identify them as “CCF earnings.” Then subtract the same amounts from the list and identify them as “CCF deposits.”
Do not report tax-exempt interest from state or local bonds you held in your CCF account on your federal tax return. You are not required to report this interest on Form 1040, line 8b.
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Tom Young
Do not report on your income tax return any capital gains from the sale of capital assets held in your CCF account. This includes capital gains distributions reported on Form 1099-DIV, Dividends and Distributions, or a substitute statement.
However, you should attach a statement to your tax return listing the payers and the amounts. Identify the capital gains as “CCF account earnings.”
Do not report any ordinary income (such as interest and dividends) you earn on the assets in your CCF account. Nevertheless, you should attach a statement to your return to list the payers, the amounts and to identify them as “CCF account earnings.” If you are required to file Form 1040, Schedule B, Interest and Ordinary Dividends, you can add these earnings to the list of payers and amounts on line 1, and identify them as “CCF earnings.” Then subtract the same amounts from the list and identify them as “CCF deposits.”
Do not report tax-exempt interest from state or local bonds you held in your CCF account on your federal tax return. You are not required to report this interest on Form 1040, line 8b.
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Tom Young
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