I sold some T-bills on the secondary bond market last year and had a capital gain from the sale. Virginia does not tax capital gains from the sale of U.S. Government obligations, such as T-bills (see here: https://tax.virginia.gov/subtractions#obligations-of-the). The instructions for VA Form 760 say these gains should be included in line 4 of Schedule ADJ so they can be subtracted from my income, but Turbotax does not allow me to change that line, nor does it ask for the information during the interview.
Is there a way to add this data to my return without having to override Turbotax in the Forms mode?
If not, why does Turbotax not ask for this information? My tax will be higher if Turbotax forces me to ignore this aspect of Virginia tax law.
You'll need to sign in or create an account to connect with an expert.
In order to get the capital gain from the sale of the bonds to be excluded from your Virginia income, an override on the line 4 Sch ADJ of the Virginia return will be needed. At the current time, there is not another way to populate that field with a capital gain amount.
[edited 2/24/19 | 5:18 am PST]
In order to get the capital gain from the sale of the bonds to be excluded from your Virginia income, an override on the line 4 Sch ADJ of the Virginia return will be needed. At the current time, there is not another way to populate that field with a capital gain amount.
[edited 2/24/19 | 5:18 am PST]
Hello:
How do I determine if any of the capital gains I received came from the sale of Virginia Bonds? It's not apparent in any tax documents submitted by the investment co.
Thank you.
TRoyal
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
seemabimran123-g
New Member
loco125359
New Member
Gandora1
New Member
foxx2
New Member
dantomascak
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.