AmyC
Expert Alumni

Get your taxes done using TurboTax

The IRS requires a date acquired field solely to determine if short term or long gain. A blank line will not let your forms process correctly. In the program, there is a link, What if some of my info is missing? 

TurboTax is aware that brokers don't always fill the forms out completely. Date acquired and cost basis are the main two that we see all the time.

 

This is not a glitch, this a requirement that must be answered as either short term or long term so the proper tax rates can be used. Short term gains and losses are netted and taxed at your normal tax rate, same as wages.

 

Long term gains and losses are netted and use capital gains tax rates which range from 0-20% tax.

 

There is more to the story but that is the short version.

 

@mishkathlay

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