Long term capital gain treated as ordinary income.

[tagteam]

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@gagan5987 wrote:

Income is 255 K and it added 8 K more. my understanding is it supposes to be calculated tax for 1088 another way. 

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You are subject to the NIIT (net investment income tax) of 3.8% which would be calculated on the entire $8,167.00.

Regardless, as I believe has been mentioned already, you should simply enter the transactions and let the program do the calculations.

[Howardnj]

turbotax deluxe appears to never have asked me how long i held my capital gain.  i filled my taxes last year with $54K in capital gains that i held over a year but turbo tax never allowed me to tell the software that i held it over a year.  also turbotax incorrectly never filled out the Schedule D capital gains/loses form which is also incorrect.  i am trying to ammend my taxes but again turbotax does not allow me to say that this capital gain was held over a year.

[tagteam]

You should be able to select "long term" from the dropdown list.

[mesquitebean]

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@Howardnj wrote:

turbotax deluxe appears to never have asked me how long i held my capital gain.  i filled my taxes last year with $54K in capital gains that i held over a year but turbo tax never allowed me to tell the software that i held it over a year.  also turbotax incorrectly never filled out the Schedule D capital gains/loses form which is also incorrect.  i am trying to ammend my taxes but again turbotax does not allow me to say that this capital gain was held over a year.

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"TurboTax incorrectly never filled out the Schedule D"

            What product did you use--desktop Deluxe (CD/download) or Online Deluxe (web version?)   Desktop Deluxe (CD/download) can handle capital gains and Schedule D, but Online Deluxe cannot.   If you used Online TurboTax, that requires Premier or higher for capital gain reporting.

[VolvoGirl]

Did you have sales?  How/where did you enter the 1099B?   

[MV731]

same