Am trying to complete my 2024 Taxes and have run into an issue with Capital Gains and Losses and carryovers. I imported all my 1099's through TT Deluxe
Upon review of my 2023 filed taxes, my 1040SR Line 7 Capital Gain or Loss reflects $165.00 (gain)
Schedule D Part II reflects as follows:
Line:
8b: -318
9: -5,1,617.34.
13: 5,617.
14: blank
15: 165.
Form 1099B -Worksheet:
Form 8949, Box D 3,286.00 (proceeds) 3,742.00 (cost basis) 138.00W (adjust amt) -318.00 Adj Gain/Loss
Form 8949, Box E 51,217.00 (proceeds 56.351.00 (cost basis) -5,134.00 Adj G/L
How does a loss of $5,167 becomes a positive $165 in capital gains on the 1040?
For calendar year 2024
Form 1099B Worksheet
Schedule D, Part II Line 8b -9,809 Line 13 10,733 Line 15 924.99
1040SR Line 7 shows 894.00
Same question - loss of 9,809 become a positive $894 in capital gains?
Can someone kindly explain this to me? Obviously I've got a mental block!
Thank you!
I'm sorry I didn't see your question sooner. There is an explanation for why you had a net long-term gain of $165. You are not factoring in your "Capital gain distributions" on line 13 into your calculations. The amount on line 13 is the amount of long-term capital gain distributions reported by mutual funds. It is reported on line 2a of Form 1099-DIV. For 2024, you reported long-term losses on Form 8949 of $5,452. You had long-term capital gain distributions (line 13) of $5,617. When you combine the loss of $5,452 and the gain of $5,617, you get a net long-term capital gain of $165. The numbers work out similarly for your 2025 example.
I posted this question two days ago and have not received any replies. Am unable to finish up my taxes until this is resolved. In the past both, @VolvoGirl and @DavidD66 have been very helpful. I do hope it's not inappropriate to name you in the post. Certainly appreciate any assistance either or both of you can provide! Many thanks!
I'm sorry I didn't see your question sooner. There is an explanation for why you had a net long-term gain of $165. You are not factoring in your "Capital gain distributions" on line 13 into your calculations. The amount on line 13 is the amount of long-term capital gain distributions reported by mutual funds. It is reported on line 2a of Form 1099-DIV. For 2024, you reported long-term losses on Form 8949 of $5,452. You had long-term capital gain distributions (line 13) of $5,617. When you combine the loss of $5,452 and the gain of $5,617, you get a net long-term capital gain of $165. The numbers work out similarly for your 2025 example.