QSBS, Sec 1202 exclusions

[miketmurphy]

I have two QSBS eligible blocks of stock. Both sold on the same day. One blocks purchase date provide/is eligible for  a 75% exclusion (I meet all criteria for exclusion).  When I enter that info, the applicable gain and resulting owed tax is very close to what I would expect. (I.e., 25% of the blocks gain is taxed accordingly.  The second blocks purchase date provides/is eligible for a 100% exclusion.  But when I enter the info (entry info is identical to the first block, except #of shares, cost basis and purchase date)....Turbotax applies a tax to the entire gain?? The resulting tax for this second block gain should be "0".  Meaning, my tax bill for the total gain of two sales should be just the tax bill for the first block. ( Note: I do not have any prior QSBS sales, and I am no where close to the $10mil/10x cost basis criteria).    I cannot identify what I am doing wrong.  Thank you  MTM

[LeticiaF1]

If you are still getting an error, it would be helpful to have a TurboTax ".tax2023" file that is experiencing this issue.

You can send us a “diagnostic” file that has your “numbers” but not your personal information. 

If you would like to do this, here are the instructions: Go to the black panel on the left side of your program and select Tax Tools.

• Then select Tools below Tax Tools.
• A window will pop up that says Tools Center.
• On this screen, select Share my file with Agent.
• You will see a message explaining what the diagnostic copy is. Click okay through this screen and then you will get a Token number.
• Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.

Here are the instructions if you are using TurboTax CD/Download:

• Click on Online in the top left menu of TurboTax CD/Download for Windows
• Select 'Send Tax File to Agent'
• Write down or send an image of your token number then place it in this issue.
• We can then review your exact scenario for a solution.
• Please also tell us any states included in the return.

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.