I have one short term covered stock I sold for $2174.49. I have short term losses of other stocks of -$1005.99. If I subtract out the ST loss I should be taxed on a gain of $1168.50 When I enter this into TT Premium the tax at the Fed level is $605 (27.82%) and CA State is $203 (9.33%). I am filing married jointly and the line 9 on the 1040 is less than $300K. What is going on here? Shouldn't it be 15% for fed =$1168.50x0.15=$175.28?
ST gains don't get the advantage of LT capital gains rates. These are taxed at your ordinary income rate.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
