Turbotax converting capital loss into gain during federal review?

[user17750130250]

Hello, 

I had a total capital loss of -$7,310 this year, as per my 1099-B. When I enter this information into turbotax online, it appears to be calculating correctly, giving me a 3,000 loss and pushing the rest down into the next coming years. 

HOWEVER, when I begin the federal review step, the CompleteCheck review seemingly recalculates this from a $3,000 loss into a capital gain of $4,529, increasing my anticipated federal/state taxes by about $5,000. I have no other 1099-Bs which could influence this figure, and all of my other income appears to be calculating as expected. 

Has anyone been experiencing this, or have any idea what is going on? 

[ThomasM125]

There may be something else contributing to your income. I suggest you look at your Form 1040 where you should see the capital loss on line 7(a). If that amount is -$3,000 then the capital loss is being properly reflected on your tax return. Also, you may have capital gain distributions reported on a Form 1099-DIV that would be netted with your capital loss reported on your Form 1099-B. So, you may have other capital gain income besides that listed on the Form 1099-B.

To view your form 1040 and schedule 1 to 3:

1. Choose Tax Tools from your left menu bar in TurboTax Online while working in your program
2. Choose Tools
3. Choose View Tax Summary
4. See the Preview my 1040 option in the left menu bar and click on it
5. Choose the Back option in the left menu bar when you are done

[user17750130250]

Thank you. Unfortunately, it looks like you were correct about the 1099-DIV. I don't know why that was not calculated in until the review stage, but that was the cause- going to be a rough tax season.