Capital Gains and Losses TT 2023 and 2024

[Benjamine]

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! 

[Benjamine]

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!  

[DavidD66]

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.