You may need to review your input to make sure you have entered it in the correct section of the program. Assuming this is from stock sales, you will need to review your input below and ensure that you have classified the gains as being long-term. You will this information in the federal interview section. Select Income & Expenses Scroll down through all income until you see Investment income Select Stocks, Mutual Funds, Bonds, Other Select Edit to the right of the applicable sale. The next page will say Now, we'll enter one sale on your 1099B. On the area titled Sales section, be sure to use the pull down arrow to select long-term gain as reported on your 1099-B. This will ensure your stock sale matches the amounts and classifications as reported on your 1099-B.

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Jiggra

Question

TurboTax is taxing my long term capital gains at income tax rate instead of my capital gains rate. Why? I purchased date more than 1 year before date of sale

Forum|Forum|5 years ago
February 27, 2021
1 reply
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TurboTax Premier Online

JotikaT2

You may need to review your input to make sure you have entered it in the correct section of the program.

Assuming this is from stock sales, you will need to review your input below and ensure that you have classified the gains as being long-term.

You will this information in the federal interview section.

Select Income & Expenses
Scroll down through all income until you see Investment income
Select Stocks, Mutual Funds, Bonds, Other
Select Edit to the right of the applicable sale. The next page will say Now, we'll enter one sale on your 1099B.
On the area titled Sales section, be sure to use the pull down arrow to select long-term gain as reported on your 1099-B. This will ensure your stock sale matches the amounts and classifications as reported on your 1099-B.

Investment sale classification

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JiggraAuthor

Thank you. That is exactly what I did and have included cost basis, date acquired which is more than one year before date sold. I've tried deleting the entry and re-adding it several times, and I always get the same result of a much higher tax rate (over 25%) that I owe from this one stock sale.