Schedule D question. I input a short term capital gain and a long term capital loss. The software put my net loss as a 2018 carryover to 2019. Why?

[TomK · Accepted solution]

Losses on your investments are first used to offset capital gains of the same type. So short-term losses are first deducted against short-term gains, and long-term losses are deducted against long-term gains. 

Net losses of either type can then be deducted against the other kind of gain. So, for example, if you have $2,000 of short-term loss and only $1,000 of short-term gain, the net $1,000 short-term loss can be deducted against your net long-term gain (assuming you have one). 

If you have an overall net capital loss for the year, you can deduct up to $3,000 of that loss against other kinds of income, including your salary and interest income, for example. Any excess net capital loss can be carried over to subsequent years to be deducted against capital gains and against up to $3,000 of other kinds of income. 

Capital Gains and Losses: https://turbotax.intuit.com/tax-tips/investments-and-taxes/capital-gains-and-losses/L7GF1ouP8

[RyanPC]

I just started using investments last year via mutual funds and was wondering if I have to report it on my taxes? I got forms in the mail but it’s really confusing to put the info in? Do you only report if you sold anything right? It’s a short term gain and I did make a capital gain it was below 1500 so do I even qualify. 2 I already filed without putting it down, in my case what do I do? I don’t want any penalties or anything in that nature just over this. Do I have to amend? 

[fanfare]

With a mutual fund, the distributions (usually in December) are taxed even if you never see the money in your hands.

You will get a 1099-B, unless your mutual fund is in a tax-deferred account like an IRA.

If you got a 1099-B you have to report it.

[VolvoGirl]

Did you already file your return?  Then yes you would need to amend.  How to amend
https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-turbotax-online-return/00/27577

You have to enter any 1099-Int, 1099-Div and 1099B for sales.  You might have a consolidated statement. That will have sections for 1099-Int and 1099-Div and 1099B. You need to enter each section in the right place. So read it carefully and look for headings…1099-Int for interest or 1099-Div for Dividends and 1099B for sales.

You can import the 1099 from the broker or mutual fund or enter it manually.  If you are using the Online version you need to use Premier to enter 1099B for investment sales.

You should get a 1099B for sales.
Enter a 1099B under
Federal Taxes Tab (Personal for Home & Business)
Wages & Income
Then scroll down to Investment Income,
Then Stocks, Mutual Funds, Bonds, Other - click Start or Update

For stock and mutual fund sales you have to enter the purchase date and cost from your own records to figure the gain or loss. Most 1099Bs and imported information only report the sale info and even if they did report the cost you can't trust it to be right. Especially in the cases of gift stock, inherited stock, or certificates transferred from another broker, they don't have the information. And they might have made a mistake. You need to double check their amounts.

[RyanPC]

Yes I got a 1099-B and DIV and 1099-INT all in one envelope. So what’s the process? I already filed it so do I have to amend it now? What happens if I don’t amend it? I reported my 1099-INT for my money market but the investments looked confusing since it said If I sold any which I didn’t I just purchased mutual funds. Someone help me please figuring this out. I made capital gain of less then 1500 and probably have losses to doesn’t that balance out? Also where can I go for someone to actually help me and go through my investments and help me add the info correctly. 

[RyanPC]

Ok so I submitted my 2019 return without reporting my 1099B wasn’t aware that I had to only of I sold any stocks. I made 2 purchases in less then a year so it is short term gain I think. So when should I amend my return and send it off to the IRS? When will e-file be available? I know I have to wait until my 2019 one is processed and all which it was accepted by the way. I did use premier as well. In my case what’s steps should I do wit this predicament. Also I heard even if I do amend it the IRS is not accepting paper because of the current pandemic. What’s the best possible thing I should be going about here???

[VolvoGirl]

If you didn't sell anything what is on the 1099B?  Did you transfer to another fund?  Or did they sell some shares for fees?  Does the 1099B have zeros on it?  You do not report purchases.  

[RyanPC]

All it has is my capital gain there are a lot of zeros actually. I got a from 1099B DIV and INT all in one envelope. I only made a purchase 2 times not even a year that’s all. I have mutual funds and when I made the purchase I had fee for the person actually picking my mutual funds and so on. I made the 2 purchases at my bank and that was it I didn’t sell any stocks or anything. The person I paid the fee to after each person is the one doing all the mutual fund stocks. So I’m in the boat of if I’m safe or not this year with my mutual fund investment? It says on the form you may have to report this info to IRS. I also looked up on google and it stated any gains losses have to report so I’m really confused now? 

[VolvoGirl]

If you didn't sell anything and your 1099B is zeros then you don't enter it.  Just enter the 1099 int & 1099 div.

[RyanPC]

I didn’t enter my 1099DIV or anything for investments what should I do? I don’t want to be in debt? Very confused on where I stand and how I should go about it? Even if I amend I heard there not accepting it due to pandemic? 

[RyanPC]

Hello can anyone help me here? That’s what steps should I do I don’t want to owe the IRS any money