I have inputted investment income of 4630.59 BUT my Turbotax shows Negative -4791.00 for investment income. why is this? I have a capitol loss of 10094.07 so if I deduct 3000 from 4630.59 I get plus 1630.59. Seems like I'm getting more of a deduction than I expected. I think Turbotax is correct but how is this calculated?
Thanks!
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it might help if you told us on what form you are seeing this negative amount.
After I put all the info in and go back to the page that says your income (before I actually file) (The 6513.00 is last year.) -4791.00 is 2022
Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) Penn Community Bank, Wells Fargo Advisors | $6,513.00 | -$4,791.00 | Edit/Add |
I think I figured it out. If I remove my Loss it adds in my exempt interest for a total of 5303.00 and when I put the loss back as it should be I get a minus -4791.00 which IS my actual income for 2022 but when I file I assume only 3000.00 of my loss will be used on 2022 taxes. This is the first year I had a 1099-DIV or a 1099-B.
Your investment loss will first be used to offset your investment gains. To the extent there are leftover losses--which appears to be the case--then the remaining investment losses will offset $3,000 of ordinary income ($1,500 if you file MFS).
@abrickrock
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