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 (last two digit omitted for privacy).
The I entered the 1099-B in TT and it calculated the tax which was a good surprise for me. I used some math to calculate the gains on my end
2024 long-term capital gains tax on $84,656.92 when your taxable income is $506,9xx will be
| 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 gain, short-term capital gain on $443.61
| Ordinary Income Tax (35%) | $155.26 |
| Total Tax on $443.61 Gain | $172.12 |
In summary
Type Amount Tax (Incl. NIIT)
| Long-Term Gain | $84,656.92 | $15,915.90 |
| Short-Term Gain | $443.61 | $172.12 |
| Total | $85,100.53 | $16,088.02 |
I see TT is generating 413 dollars extra as tax based on these capital gains. Why is there this discrepancy?
