Sold about $45k of crypto in 2021 (cost basis was negligible). I expected to only pay 15% capital gains on the profit beyond $40,400 per the 2021 long term capital gains rates. Turbotax instead is calculating something else.
Simplified example:
$45,000 sale with $0 cost basis results in a $43,027 capital gain.
Expected result: (43027-40400) * (.15) = $394.05 in cap gains taxes due.
Actual result from turbotax: $7151 in cap gains taxes due.
Not sure what to do, but I've got 12 days to figure it out.
