Q06 Cap. Gains rpt incorrect

Manually entered reinvested gains from a recent mutual fund distribution and I cannot seem to get them to show up on a capital gains report. The entries are on the transaction list. I have tried the help file suggestions and have checked that the accounts are selected for the report. If I change the date range the report shows last years gains but nothing entered this year. Help, any ideas? Thanks, Steve

Reply to
steverad
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Quicken's Capital Gains report has never shown gains on distributions; it only shows gains on sales.

You will find those gains reported in the Tax Schedule D report, if you have Q2006 Premiere.

Reply to
John Pollard

John , Thanks for the quick reply. I do hate to seem so ignorant of the features of Quicken and appreciate your help. I do have the premiere edition and checked the tax schedule reports as you suggested. Interestingly the Lt and St gains show up on the Tax Summary report but do not show up on the Schedule D report. Dividends I entered show up on the Schedule B report and on the tax summary report. Is there something else I'm missing that keeps the Lt and St gains from transferring to the Sched. D report? Thanks in Advance, Steve

Reply to
steverad

Distributions should appear in the Tax Schedule report, in the Schedule D section, too.

Several choices in the Customize dialog could prevent the distribution gains from appearing; tax year, account, security, secutity type and investing goals must all be appropriately entered, or checked.

Also the distribution gains always appear at the very end of the report in a separate section, "Capital Gain Distributions"; if you have a lot of gains/losses from sales, and were expecting the distributions to appear in the "Short Term" or "Long Term" sections, the distribution gains may out of sight at the end of the report.

Reply to
John Pollard

To add to JohnP's reply, a capital gain [or loss] does not occur until you sell.

You can view your current potential gain/loss status by opening the Summary View of an account and select 'Show: Tax Implications'. This view gives you a break-down by security and total for the account.

Reply to
JM

Huh? I might be missing something in context, but if a taxable mutual fund declares LT or ST Capital gains and distributes it to you, either in the form of a check or reinvested shares in the fund (becomes part of your cost basis when YOU go to sell those shares), it sure as hell DOES occur even if you didn't initiate the sale. You'll be responsible for the taxes incurred on the sale and you'll receive a 1099 from the investment firm - and so will the IRS.

So JM, what am I missing here?--

------------------------------------------------------------- Regards -

- Andrew

Reply to
Andrew

I think were using the term capital gains in slightly different context.

I could have phrased my reply a little better; A Capital Gain [or Loss], as a taxable event reportable to the IRS, does not occur until you sell.

In the OP's initial post, he was looking for distributions to "show up on a capital gains report". Capital Gains Distributions will not show up in QW's Capital Gains Report.

The distributions are indeed taxable and do show up in QW's Tax Schedule Report; Capital Gains Distributions [LT] under Schedule D and ST Capital Gains Distributions under Schedule B.

Reply to
JM

Oh, ok - I think you were phrasing the terminology in the way that Quicken reports these events on its reports. I just ran a quick test, and you're right, under the CAPITAL GAINS report, it does NOT show redistributed gains. This, I think, is HIGHLY misleading. They ought to have some indication it the report of what type it is ("realized", "reinvested", whatever they wish to call them).

But, again, the statement above ("A Capital Gain [or Loss], as a taxable event reportable to the IRS, does not occur until you sell." is not correct. Redistributed capital gains in taxable accounts (which you did NOT sell), ARE taxable events and ARE reportable to the IRS! I don't care what Quicken chooses to call them. The IRS won't either.

(As an aside, a LOT of mutual fund holders are going to be really surprised this tax year when they see how much they're going to owe even if they didn't sell because many of the funds have used up loss carryovers over the past few years to offset gains...again, they'll owe the tax, and they didn't do anything overt to make it happen!)

Reply to
Andrew

This report includes Date Bought, Date Sold, Gross Proceeds, Cost Basis, etc. Seems pretty clear what it is intended for and it is consistent with Form 1040 Schedule D terminology.

No disagreement here - as I pointed out earlier, distributions are taxable and are reported in QW's Tax Schedule Report.

I am referring to Capital Gains/Losses as distinct and separate from Capital Gains Distributions - as does QW, as does the IRS. Both Capital Gains and LT Capital Gains Distributions wind up on Schedule D but in different places. QW does a good job of tracking these and sumarizing them for entry [or importing] to the correct places in TTax.

Just wish QW/TTax would catch up with the concept of qualified dividends. They probably will - about the time our 'friends' in DC decide to eliminate the concept.

Reply to
JM

Right. But don't count on it. I've been waiting for years for a decent way to enter CD information without having to resort to $1/share schemes. Why can't they simply do that? A CD is even less exotic than a mutual fund!

Happy holidays!

Reply to
Andrew

Hello, based on some of the input here and further reading in the help files I found the problem. Had to go to the Tax tab and select Tax category audit. A couple of items such as Long term and Short term gains were on the list as "possibly" mislinked to there tax form line. Reselected the information per the descriptions given and the gains now show on the Schedule D report. That's again for the help, Happy Holidays Steve

Reply to
steverad

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