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Question

How does TurboTax Deluxe calulate Long vs Short Term Capital Gains?

Forum|Forum|4 years ago
April 14, 2022
1 reply
0 views

In 2021, Vanguard did as they always do, automatically sell and re-invest gains from my Target Retirement fund on December 31. To my surprise, I now have a $18K Long Term Capital Gains and $3K Short Term Capital Gains to pay taxes on. TurboTax Deluxe, Form 1099-DIV worksheet, just lists it as "Total Capital Gains Distributions". It doesn't break it down into Short/Long term distributions. I just says I owe the Fed $X.xx amount of taxes on the Capital Gains.

How can I know what tax rate I'm being held accountable for on these Capital Gains?

Capital gain distributions from mutual funds are considered long-term.

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