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Level 2
April 9, 2022
Solved

Capital Gains Calculation

  • April 9, 2022
  • 2 replies
  • 15 views

I finished my federal return, no errors, and I'm now working on the state return (Maryland). TurboTax displayed a total capital gains of $18,347 and asked how much of that amount belongs to my wife. Going back to the income section, our total capital gain is $13,904. I've gone through everything and can't account for the difference. Where is TurboTax getting that $18K number?

 

 

    Best answer by FK384

    Hi Bill

    Capital gains can be from the sale of stock or bonds or they can be in the form of dividends.  Check for forms 1099-B and 1099 DIV.  Hopefully the sum of the capital gains from these two forms equals what is on your return.

    2 replies

    FK384Answer
    Level 2
    April 9, 2022

    Hi Bill

    Capital gains can be from the sale of stock or bonds or they can be in the form of dividends.  Check for forms 1099-B and 1099 DIV.  Hopefully the sum of the capital gains from these two forms equals what is on your return.

    Bill_SAuthor
    Level 2
    April 9, 2022

    Yes, that was it. Capital gains distribution included with a 1099-B. Thanks!