Manual Capital Gain Entry

Forum|Forum|3 years ago
March 24, 2023
2 replies
34 views

How do I manually enter a number in TurboTax so it ends up on either line 12 or 13 of Schedule D, Part II?

ShirlynW

Level 8

Manually entering Schedule D, part II, Lines 12 and 13, it is in not suggested to manually enter information directly to the forms.. To enter information on line Schedule D part II line 12, enter your K1. To enter information on Schedule D part II, line 13, the information is entered on in the Investment Income section.

To enter a K1, please follow these steps:

Open TurboTax.
Continue return.
Federal Taxes > Wages & income > "I choose what I work on."
Business items > Schedule K-1, Q > Start / Update.

5. Complete this section.

To enter the information for Schedule D, part II, line 13, please follow these steps:

Open TurboTax.
Continue return.
Federal Taxes > Wages & income > "I choose what I work on."
Investment Income > Stocks, Mutual Funds, Bonds, Others > Start / Update.

5. On the screen, "Did you sell any investments in 2022?" select "Yes."

6. Complete this section.

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MAC18Author

Level 5

Thank you for your help Shirlyn. I learned that the PFIC capital gain should go on line 10 of schedule D. I clicked "Edit' on my Stocks, Mutual Funds and Bonds income tab. From there I was able to "Add More Sales" and I answered "No" when asked if I had a 1099-B. After entering a description (capital gain from QEF - form 8621) and gain details, I indicated the holding period was Long Term Box F (no 1099-B). This worked well and I now have the capital gain on schedule D. It would be nice if TurboTax could add form 8621to its product. It would be very easy for TurboTax's software to tie in 8621 and have it feed into Schedule D (for capital gains) and Schedule 1 (for ordinary income). This would also provide TurboTax customers the added benefit of being able to e-file.