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? Thanks in advance.
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.
Hi, JCO.
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
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.
TurboTax Basic has ALL the functionality that most of us need to file our returns. The upscale packages just add "bells and whistles", such as advice and "tips". At least, that's my understanding. I haven't used anything but Basic for a few years, so I'm not sure exactly what the other versions add these days. They used to have the IRS Publications and other literature, but those are available on the Internet now and, with broadband, are just about as easily and quickly accessible from the IRS as from a Quicken DVD.
If Premium and H&B add depreciation calculations and other small-business and rental property features, then those would be worth paying extra for taxpayers who need those features. And, of course, most taxpayers can benefit from State income tax programs included in some of the TurboTax packages, but we don't worry about that here in Texas. ; Not a problem. My first time using the Turbo Tax "Premium", since we made
Look at Reports - Spending - Itemized Categories using an appropriate Date Range.
Then, under Income, the last sections are _DivInc, _IntInc, etc. and that is what you are looking for.
By the way, these are not "Unrealized Gains" which is an estimate of what you would get IF you sold a Capital Asset but did NOT actually sell it.
Eric
Thanks.
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