Question

Adjustments to Massachusetts long term capital gains on municipal income funds

Forum|Forum|4 years ago
February 19, 2022
1 reply
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I have computed the Mass. differences that are exempt from Mass. tax which was provided by Fidelity. I entered the result as a negative. Rather tha subtract this amount from my Federal long termcapital gains, the program treats my entry as an addition.

L

linear

Employee

Adjustments should be entered as a positive number, not negative. Have you tried the entry that way?

V

vrtooAuthor

Yes, I entered the MA exempt amount of capital gain distributions as a positive number (counter-intuitive as it may be). and the capital gain amount came out correctly. Thank you very much.

However, and maybe I was seeing ghosts when I was working through the MA return, I believe I saw an instruction on the sheet where this amount is entered to enter reductions as negative numbers and additions as positive. These instructions, if in fact they existed, were not on that sheet yesterday, 2/21.

Furthermore, I am a person who has prepared tax returns professionally. While the federal return makes sense, I

now have another concern in that Turbo Tax has calculated MA 5% income low by several thousand dollars. I don't plan to use Turbo Tax for the state return