Short Term Capital Gains misassigned (Wrong tax form)

fulwild
fulwild Quicken Windows Subscription Member ✭✭
edited March 2023 in Errors and Troubleshooting (Mac)
ST CG is assigned to Schedule B/ Dividend income. Q says category not editable. Any suggestions?
thanks

Quicken Mac Home and Business Version 6.11.3 (Build 611.47347.100) macOS 13.2

Comments

  • Mark1104
    Mark1104 Member ✭✭✭✭
    why do you want to edit it? 
  • MontanaKarl
    MontanaKarl Quicken Mac Subscription Member, SuperUser, Mac Beta Beta
    edited February 2023
    @fulwild
    Seemed like a bug to me... but QWin does the same... so I looked at the IRS docs...  The clarity is in QWin where the category is called Short Term Cap Gain Distributions.  The IRS says:

    "Distributions of net realized short-term capital gains aren't treated as capital gains. Instead, they are included on Form 1099-DIV as ordinary dividends."

    in this pub:
    https://www.irs.gov/instructions/i1040sd#en_US_2022_publink24331id0e249

    This category would be used by, e.g., mutual funds, ETFs, etc for which a portion of the income received was a ST Cap Gain Dist.  It would not be used for a short term capital loss resulting from the sale of a security (which would go on Schedule D).

    Quicken user since 1990, MacBook Pro M2 Max on Sequoia 15.1.1

  • Mark1104
    Mark1104 Member ✭✭✭✭
    that is why I was asking. Short term capital gain DISTRIBUTIONS are reported on Schedule B as a dividend.   short term gains or losses (which are NOT 'distributions) are indeed reported on Schedule D... trace the details of your broker statement to the 1099-DIV form....

    It is not a bug.  Quicken is correct. 
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