Double counting of capital gains?

[tadpinkerton]

My return seems to have doubled the capital gains I earned in preparing my return.  My financial sent me two 1099-Bs for different amounts, but the total of the two of them is about half the amount that finally appears in gross income.  The capital gains also appear in the 1099-DIVs they sent.  Is that the reason for the overstated gross income?

[LudwigVan_fan]

1. Make sure you enter the F1099Bs exactly as the form shows and TT asks, box for box.  Make sure each box number or amount shown on the F1099B gets entered into TT.

2.  F1099DIV, shows the gross amount of dividends, and then show what's included in the gross amount.  Whether it is capital gain distributions, section 1202,  etc.  Again, you have to make sure you carefully and correctly enter each box from the 1099DIV into the appropriate boxes/questions in TT.

For the 1099DIV, the amount on the 1040 return should show the total amount of dividends, and then subtracts/transfers for tax computation purposes, the capital gain portion to be taxed at capital gains rates.

As to doubling the amount of capital gains from the F1099B, recheck your entries.  Also, where is the amount "doubled"?   On Sch D?   If so, that could be including the capital gains portion from 1099DIV.  The amount shown on Sch D is not "gross income" but the amount taxed at capital gains rates, whether short term or long term.  Long term would include for tax computation purposes, the capital gains from the 1099DIV along with the long term 1099B amounts.

[Mike9241]

you could get 2 1099Bs because you have two accounts.  normally a corrected 1099B will have corrected printed on it. another way to tell is if both have the same a/c number. they'll be dated so use only the latest and by the way you could get further corrected 1099Bs