long term capital gain

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Why does your software lump short term capital loss with long term capital gain together, and make it all short term, software downloaded the investment from my investment firm with separate long and short term gain/loss, but Turbo Tax decided to treat them as the same. That is incorrect!

CesarJ

Alumni - Intuit

TurboTax separately reports short-term and long-term capital gains and losses on Schedule D as required by tax law. If you imported your investment data and TurboTax shows all as short-term, it may be due to the way the data was categorized or imported from your firm..

Please review your imported transactions to ensure the holding periods are correctly entered. You can manually adjust the classification in TurboTax if needed to reflect short-term versus long-term correctly.

If the problem persists, try entering your transactions manually in summary form.

To enter your investment sales using summary form in TurboTax Online, follow these steps:

1. Go to the Investment income section under Wages & Income and start the entry for Stocks, Cryptocurrency, Mutual Funds, Bonds, or Other (1099-B).
2. When asked if you had investment income for the year, select Yes.
3. If you imported your sales and want to avoid duplicates, delete those imported sales first.
4. Choose Enter a different way, then select Type it myself.
5. Select Stocks, Bonds, Mutual Funds, then continue.
6. When prompted, choose Sales section totals to enter your total sales proceeds and cost basis by category rather than itemizing each transaction.

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