For Turbotax Business Incorporated 2017, I just noticed something odd.
For Schedule 4 line 225, it's not calculating the correct amount of "Capital Losses from Previous Years" to use against the current net capital gain. In my situation I've used a GIFI account of 8211 (Realized Gains Losses on Sale of Investments) with a value of $2455. However it puts 1540 on the line 225 on Schedule 4 when it should be putting $2455. I have carry forward losses from the previous year of $17707 so there shouldn't be an issue.
I tried changing the GIFI code for the capital loss to something completely different like 8095 and it then uses the correct value from Schedule 6 of $2455. Anyhow something is whacky. Not sure why changing the gifi code has anything to do with it.
Can you look at it?
Also, what formula does Turbotax business incorporated 2017 use to calculate Line 225 on S4?
Thanks
Hello,
Without seeing the entirety of the return its very difficult to give you an exact answer, please contact us at 1-866-438-8020 and our support team can have a look at the entire situation.
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