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Posted by JCO on January 20, 2008, 11:00 pm
Please log in for more thread options Not a problem. My first time using the Turbo Tax "Premium", since we made a
few sales this year. The past few years, I've been able to get by using the
Basic. Although they don't clearly describe the "Basic" turbo tax very
well, you can report Capital Gains Distributions using it.
> Hi, JCO.
>
>> So do we pay the same taxes on Capital Gains Distribution as other
>> Capital Gains? I get the "1099Div" form that has to be recorded for
>> taxes
>
> Yes. On Schedule D:, you will report all the sales you made, showing sale
> proceeds and basis and calculating the long-term and short-term gains and
> losses. Then, on Line 13, you will report the long-term Capital Gains
> Distributions, as reported to you on the 1099's. Note that there is no
> such line in the Short Term section; any net short-term gain realized by
> the fund is simply included in dividend income.
>
> Remember that I've been retired for over a decade, so be sure to check
> with your own CPA to be sure that these rules still apply.
>
> RC
> --
> R. C. White, CPA
> San Marcos, TX
> (Retired. No longer licensed to practice public accounting.)
> rc@grandecom.net
> Microsoft Windows MVP
> (Currently running Quicken 2008 Deluxe in Vista Ultimate x64)
>
>> So do we pay the same taxes on Capital Gains Distribution as other
>> Capital Gains? I get the "1099Div" form that has to be recorded for
>> taxes (using Turbo Tax). Is it all the same?
>> Thanks
>>
>>> JCO wrote:
>>>> I have mutual funds that have Capital Gains which get reinvested back
>>>> into the fund. When I run a Capital Gains report, they do not show
>>>> up. Why? When I sell a fund, those Capital Gains show up just fine
>>>> but I always thought the ones that are reinvested (that usually are
>>>> realized in late December), should also show up on the same report.
>>>>
>>>> Am I missing something?
>>>
>>> Capital gains are gains on the sale of assets you own.
>>>
>>> What you get from your mutual funds are "captial gains distributions"
>>> (capital gains from the sale of assets the mutual fund owned): Quicken
>>> has never included capital gains distributions in the "Capital Gains"
>>> report (since I have been using Quicken anyway: Q2000).
>>>
>>> You can find capital gains distributions reported in the Tax Schedule
>>> and Tax Summary reports ... plus in the Schedule D-Capital Gains and
>>> Losses report if you have Premier or H&B.
>>>
>>> --
>>> John Pollard
>
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