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Ellie2022
New Member

Incorrect capital gain calculated by Turbotax; taking numbers from 1099R

Hi there,

 

I saw my capital gain distribution (Line 13 in Schedule D) is more than my actual capital gain in 1099-DIV. When I looked into the worksheet, I realized there is a non-existed Vanguard 1099-DIV in the system. I suspect TurboTax treats my 1099-R as 1099-DIV, as I have the same amount on my Vanguard 1099-R. How do I remove this non-existed 1099-DIV form and correct my capital gain in Turbotax?

2 Replies
Critter-3
Level 15

Incorrect capital gain calculated by Turbotax; taking numbers from 1099R

The system cannot confuse a 1099-R form for a 1099-DIV  by itself so I suspect you entered something in the incorrect place.  Return to the DIV entry section and delete the unwanted entry and review the 1099-R entry for accuracy.   Then review the entire return ... the 1099-R information should be on line 4 or 5 depending on where the distribution came from.

 

You can peek at only  the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

 

To pay the TurboTax online account fees by credit card, without completing the 2021 return at this time, click on Tax Tools >>> Tools  and then Print Center.  Then click on Print, save or preview this year's return.  On the next page, to pay by credit card, click Continue.  On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button.  The next screen will ask for all your credit card information so you can pay for the account.

                                         

Mike9241
Level 15

Incorrect capital gain calculated by Turbotax; taking numbers from 1099R

while unusual a 1099-R can report a capital gain in box 3. perhaps you entered box 2a also in box 3 of the form 

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