topic Re: state form: Pennsylvania PA Schedule D in State tax filing

Re: state form: Pennsylvania PA Schedule D

Rambo70 — Wed, 03 Mar 2021 22:28:45 GMT

I have completed both my Federal and State( Pennsylvania) taxes using Turbotax. I have also run a final check for errors and no errors reported. But when I looked at the printed page for the PA Schedule D, I noticed a discrepancy after comparing the info on the Fed form 1099-B sent to me from my bank. I checked on how I entered the info into TT from the 1099-B and saw that the info was entered correctly. But when TT transferred it to the PA return, the info was incorrect. The problem is one entry on the PA Schedule D says the Gain is Long Term (LT) and it should be Short Term (ST), as per the 1099-B. It appears that I can not change that info when I am reviewing my PA return. So, what I'm asking is can I just cross out the "LT" on that line of the PA Schedule D and write in "ST" then mail the completed return to Pennsylvania? The amount in question is only $2. Thank you.

Re: state form: Pennsylvania PA Schedule D

ErnieS0 — Wed, 03 Mar 2021 23:21:01 GMT

TurboTax is correct. Pennsylvania treats all capital gains the same. There are no provisions for long-term and short-term gains. Everything is taxed at a flat rate of 3.07%.

Related Resource:

Net Gains (Losses) from the Sale, Exchange, or Disposition of Property

Re: state form: Pennsylvania PA Schedule D

Rambo70 — Wed, 03 Mar 2021 23:51:21 GMT

Thank you for your valuable reply. I am going to print a copy of your reply and put in a folder for next year's return because I will be expecting another 1099-B from my bank.