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Negative investment income

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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4 Replies

Negative investment income

it might help if you told us on what form you are seeing this negative amount.

Negative investment income

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-$4,791.00Edit/Add

Negative investment income

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. 

GeorgeM777
Expert Alumni

Negative investment income

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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