topic Capital Gains in Get your taxes done using TurboTax

Capital Gains

huilam1942 — Sat, 26 Dec 2020 07:01:26 GMT

I had Long term capital gain in 2019 as stated in the online entries. But, my TurboTax filed return indicated that no Schedule D was required. My long term Capital gain was entered as an entry to the tax return. Then, how did TurboTax know the Capital Gain is Long Term and did my Tax calculate my tax for 2019? I do hope TurboTax did not treat the long term capital gain as ordinary income in my 2019 tax return.

Re: Capital Gains

Anonymous_ — Sat, 26 Dec 2020 16:00:22 GMT

How and where in the program did you enter the gain?

If entered in the correct section, the gain would show as either long-term or short-term.

Re: Capital Gains

huilam1942 — Sat, 26 Dec 2020 20:32:47 GMT

Thanks for the help. I used TurboTax premier online and have been doing so for many years. I looked at my 2018 Return. TurboTax did file the Schedule D for me in 2018.

As usual, I do not have short-term capital gains and always reported them as long-term capital gains in the TurboTax online inquires. I wonder why TurboTax decided Schedule D was not required in 2019. As said, if Schedule D was not filed, how IRS would know if the capital gains are short-term or long-term, as the tax treatments are very different.

Can I get TurboTax sending me back the online entries for my 2019 filing to make sure my long-term capital gains were reported correctly in the online entries? Thanks for your help.

Re: Capital Gains

Anonymous_ — Sat, 26 Dec 2020 20:42:35 GMT

Did you save your 2019 tax file in the form of a PDF?

Re: Capital Gains

Mike9241 — Mon, 08 Aug 2022 16:58:53 GMT

don't know if this is your situation but the only time schedule D is not required is if you had only capital gain dividends. by definition (or tax law) these are always long-term. if you had others then not only would schedule D be needed but also possibly form 8949 which shows the details of capital gain/loss transactions.

Re: Capital Gains

Anonymous_ — Mon, 08 Aug 2022 17:00:49 GMT

The latest post in this thread is going on two years old @Mike9241