In addition to the information flowing from Forms 1099-B entered in the Schedule D menu in TaxSlayer Pro, there are other lines on Schedule D and related worksheets that may need direct entry. To access these other lines, from the Main Menu of the tax return (Form 1040) select:
- Capital Gain Loss (Sch D)
- Other button
Additional Capital Gain Distributions - Enter on this line capital gain distributions that aren't entered elsewhere in the return, e.g., on a 1099-DIV. There are two entries possible:
- Additional Capital Gain Distributions - Flows to Schedule D Line 13;
- Additional Capital Gain Distributions 28% Column - Flows to the 28% Rate Gain Worksheet Line 4.
Short Term 1099-B Transactions with No Adjustments - As an alternative to entering separate 1099-Bs (and substitute statements), you can aggregate short-term 1099-B gain/loss transactions here if they meet the following criteria:
- The 1099-B Boxes 1f and 1g are blank;
- The 1099-B Box 2 "Ordinary" check box isn't checked;
- The 1099-B Box 3 "QOF" check box isn't checked;
- The 1099-B Box 12 shows basis reported to the IRS;
- The taxpayer isn't electing to defer income due to investing in a QOF, nor terminating deferral from a QOF investment;
- There are no other adjustments needed to the basis or to the gain/loss on the 1099-B;
- The type of gain or loss (short-term, long-term, or ordinary) isn't being changed.
Enter the aggregate proceeds first, then the aggregate cost. The two amounts flow to Schedule D Line 1a.
Long Term 1099-B Transactions with No Adjustments - Same as above but for long-term 1099-B transactions. The two amounts flow to Schedule D Line 8a.
Short Term Gain/Loss Like-Kind Exchange - The amount entered here goes to Schedule D Line 4 and is the total of short-term like-kind gains from:
- Form 6252
- Short-term gains and losses from Forms 4684, 6781, and 8824.
Long Term Gain/Loss Like-Kind Exchange - The amount entered here goes to Schedule D Line 11 and is the total of long-term like-kind gains from:
- Form 4797 Part I
- Long-term gains from Forms 2439 and 6252
- Long-term gains or losses from Forms 4684, 6781, and 8824.
Also queried here is the total of all collectibles gain or loss from:
- Form 4684, line 4 (assuming an overall gain on Form 4684 Line 15)
- Form 6252
- Form 6781, Part II
- Form 8824
Long Term Like-Kind Exchange 28% Rate Amount - The amount entered here goes to the 28% Rate Gain Worksheet Line 3.
Short Term Loss Carryover from [prior year] - The amount entered here goes to Schedule D Line 6 and is the short-term capital loss carryover from the prior year. Use the Capital Loss Carryover Worksheet in the Schedule D instructions if necessary.
Long Term Loss Carryover from [prior year] - The amount entered here goes to Schedule D Line 14 and is the long-term capital loss carryover from the prior year. Use the Capital Loss Carryover Worksheet in the Schedule D instructions if necessary.
Form 6781 - Gains/Losses from Sec 1256 Gains & Straddles - Select this to complete Form 6781, Gains and Losses From Section 1256 Contracts and Straddles. See here for more information about this form.
Sale of Main Home Worksheet - Complete this worksheet to determine the amount that can be excluded from income from the sale of the taxpayer's main home. See here for more information.
Adjust 28% Rate/1250 Worksheets - The 28% Rate Gain Worksheet and the Unrecaptured Section 1250 Gain Worksheet are produced automatically as needed with information provided elsewhere on the return, however each worksheet has several lines that may need direct editing. See here for more information.
Form 8997 - Qualified Opportunity Fund Investments Statement - Use this menu to complete Form 8997, Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments. This form is used to inform the IRS of the QOF investments and deferred gains held at the beginning and end of the current tax year, deferred capital gains related to QOF investments, and dispositions of QOF investments during the year. See here for more information.
Disposed of Qualified Opportunity Fund Investments - Answer YES to the confirmation question if any QOF investments were disposed of during the year. The IRS will be expecting to see entries related to the disposition on Form 8949 as well as Form 8997.
Is Schedule D Required? - Schedule D isn't required when the only capital gain distribution reported is on 1099-DIV box 2a, and boxes 2b, 2c, and 2d are zero. In that case, this line will indicate NO and the check box on Form 1040 Line 6 indicating that Schedule D isn't required will be checked (prior to 2019, the check box is on Schedule 1). Since Schedule D isn't required it won't print with the print options, though it will still be available for printing under View Results, if desired. This line can be changed from NO to YES if desired, otherwise when this line automatically displays YES it is unchangeable.
Attach PDF Document - if multiple transactions have been summarized onto a single short-term and/or long-term transaction line on Form 8949, attach a PDF copy of the details for those transactions here. See here for more information about combining transactions.
Note: This is a guide to entering information on Schedule D in TaxSlayer Pro. This is not intended as tax advice.