I sold some stock in 2024 which triggered 1099-B. I am entering that in TurboTax and have some questions as the tax due is significantly larger than I calculated during sale.
First I completed all my taxes before entering 1099-B in TT and I see my taxable income 1040 line 15 is 506,9xx (~500k)
The I entered the 1099-B in TT and it calculated the tax which differs from my calculation.
2024 long-term capital gains tax on $84,656.92.
Long-Term Capital Gains Tax (15%) $12,698.54
Net Investment Income Tax (3.8%) $3,217.36
Total Capital Gains Taxes $15,915.90
I also had some short term gains, and short-term capital gain on $443.61
Income Tax (35%) $155.26
NIIT (3.8%) $16.86
Total tax $172.12
In Summary
Long-Term Gain on $84,656.92 = $15,915.90
Short-Term Gain on $443.61 = $172.12
Total tax $16,088.02.
But turbotax is calculating 413 dollars more.
