I downloaded the two 1099-B's Capital Gains/Losses from my Brokerage. Short Term values were $33,727 loss and +$44gain, so together a total Net Realized Short Term LOSS of $33,683 Long Term values were $0 and $4,436, a net $4,436 gainI know short term and long term are treated and taxed differently)QUESTION: why did Turbotax entered the Capital Gain/(Loss) in 2020 as only -$22,215 .. seems a long way off?P.S when i click on the update button to check the entries Turbox tax also says "the IRS is still working on finishing up the Schedule D for 2020".

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simonusa0

Level 3

Question

1099-B Turbotax calculation?

Forum|Forum|5 years ago
February 15, 2021
7 replies
33 views

I downloaded the two 1099-B's Capital Gains/Losses from my Brokerage.

Short Term values were $33,727 loss and +$44gain, so together a total Net Realized Short Term LOSS of $33,683
Long Term values were $0 and $4,436, a net $4,436 gain
I know short term and long term are treated and taxed differently)

QUESTION: why did Turbotax entered the Capital Gain/(Loss) in 2020 as only -$22,215 .. seems a long way off?

P.S when i click on the update button to check the entries Turbox tax also says "the IRS is still working on finishing up the Schedule D for 2020".

ThomasM125

Level 15

You would have to look at Form 8949 Sales and Other Dispositions of Capital Assets and Schedule D to see what else is affecting your capital losses.

Schedule D lists a variety of things that would be included in capital gains and losses, such as the sale of business property, casualties and theft, and capital gain distributions.

You might have entries on K-1 schedules or 1099-DIV forms that could affect your capital gains and losses.

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simonusa0Author

Level 3

Thanks Thomas. Very grateful for the advice. I will be able to check schedule D when TT says it’s available and as you mentioned, I do have Dividend distributions on 1099-DIV which will reduce my net capital losses.... but nothing else.