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Turbotax does not correctly allocate 1099b sales of stocks and bonds between two states.

 I moved from California to Alabama during June of 2018. I imported Wealthfront 1099B and 1099DIV into Turbotax. When filing CA state taxes, TT gave me an option to allocate the stock sales based on dates and/or ratio of period of residency. But when it came to filing AL state taxes, TT doesn't give me any such option. It imported all stock sales regardless of date sold (some were clearly sold when I was still in CA) and I see those transactions in Schedule D of AL return. This looks incorrect, because I will be taxed for total capital gains incorrectly for AL. 

The only option I see regarding stock sales in AL return was to go through each transaction, click edit and manually indicate whether to include it in Schedule D or not. This is really painful because 1) I have 100s of transactions and 2) for some reason TT doesn't show me the sold dates in this screen (even though it showed them in CA return, and I can see it in the final printout of AL return) 

Is this a glitch in the TT software? Not sure what I'm doing wrong.


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1 Reply
MarilynG
Expert Alumni

Turbotax does not correctly allocate 1099b sales of stocks and bonds between two states.

If you are filing Part Year Resident returns for both California and Alabama, you should be able to Allocate your Capital Gains/Loss between the states. 

You can use a Summary in Lieu of reporting every transaction for your state returns.  Just Allocate the total Gain or Loss between the states you lived in. 

Here's more info on that:

https://ttlc.intuit.com/replies/4777389

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