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Arizona tax filing

I live in Arizona and I use TurboTax Premium. I entered all the information and turbo tax verified both federal and AZ return cleared with no errors. And I am about file it. However while reviewing AZ part of the return, Turbotax said ...

 

- You have a total of net long term capital loss of -$22,263 (Note that it is a negative number shown by turbotax)

 

And provided a box asking me to 'Enter the portion of gain or loss from assests aquired after Dec 31st, 2011"

 

My situation is like this ...

 

- I did not own any stocks prior to Dec 31 2011 at all

- So nor do I have any loss or gain prior to that date.

- I started living in Arizona from 1st of Jan 2021

- So I just reentered the same number  "22,263" (positive number)

 

A) Pl. clarify if that is corrrect?

B) And whether I should enter negative number or positive. BTW, pl. note that TurboTax displayed a negative number like I mentioned above.

C) Why is it asking so old date details now and what is it used for duing the IT return process.

 

Pl. help.

 

regards

 

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1 Best answer

Accepted Solutions
JulieS
Employee Tax Expert

Arizona tax filing

Yes, that is the correct answer, but you would enter your entire loss as a negative number for this question.

 

The reason for this slightly odd question is that in 2012, the state of Arizona reduced the state's capital gains tax rate for assets purchased after December 31, 2011. 

 

 

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2 Replies
JulieS
Employee Tax Expert

Arizona tax filing

Yes, that is the correct answer, but you would enter your entire loss as a negative number for this question.

 

The reason for this slightly odd question is that in 2012, the state of Arizona reduced the state's capital gains tax rate for assets purchased after December 31, 2011. 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Arizona tax filing

Thank you!

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