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mk79074
Returning Member

Turbotax bug: 1099-B Capital gain is increasing tax liability inspite of fully offsetting with carry over loss

I'm seeing an issue where 1099-B Capital Gains (short and long term) are fully offset towards Carryover loss from prior years. But them, turbotax 'incorrectly' bumps up my tax-liability by considering 1099-B Capital gain as additional income for 2023.  I'm using online version (turbotax.com) 

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1 Reply
JamesG1
Expert Alumni

Turbotax bug: 1099-B Capital gain is increasing tax liability inspite of fully offsetting with carry over loss

Is your Carryover loss correctly reported on IRS Schedule D line 14?  What amounts are reported on lines 14 through 21?

 

Do you know what worksheets are used to compute your IRS Schedule D transactions?

 

Where are you seeing the additional income being reported?  Is it reported on line 7 of the IRS form 1040?  Or somewhere else?

 

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