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air2dmw
Returning Member

Why does TurboTax Premier tax same amount of capital gains in Kentucky and Georgia?

Correction to previous question.  

Why does TurboTax Premier tax same amount of capital gains in Kentucky and Georgia?

Reference 2023 TurboTax Premier Version xxx.xxx.xxxx, Components Version 2023.47.20.44
Kentucky Form 740, line 5, includes capital gains from Federal 1040-SR line 7, and can’t be removed without affecting the Federal 1040-SR Form.  

If Capital Gains Earned in Georgia is reported as Other Income on Form 500, line 7, there is no corresponding subtraction adjustment transferred to Kentucky Schedule M,   therefore causing double taxation of same amount in Kentucky and Georgia.  If Kentucky schedule M, line 14 is overridden the returns will not be accepted for E-file. 

When will TurboTax be updated to fix this problem?
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1 Reply
ee-ea
Level 15

Why does TurboTax Premier tax same amount of capital gains in Kentucky and Georgia?

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