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scottmsu
Returning Member

NY tax impact too high after entering capital gain

Bizarre results when entering capital gain from stock sale (1099B).

Gain of $500.

Fed tax impact was about $90…makes sense.

NY Tax impact was well over the $500 taxable gain? How is that possible?

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2 Replies
LindaS5247
Expert Alumni

NY tax impact too high after entering capital gain

I would like to take a deeper look at this. However, I need a diagnostic file, which is a copy of your tax return that has all of your personal information removed. You can send one to us by following the directions below:”

 

TurboTax Online: 

  1. Sign into your online account.
  2. Locate the Tax Tools on the left-hand side of the screen. 
  3. A drop-down will appear. Select Tools  
  4. On the pop-up screen, click on “Share my file with agent.”
  5. This will generate a message that a diagnostic file gets sanitized and transmitted to us.
  6. Please provide the Token Number that was generated in the response.

 

TurboTax Desktop/Download Versions: 

  1. Open your return.
  2. Click the Online tab in the black bar across the top of TurboTax and select “Send Tax File to Agent”
  3. This will generate a message that a diagnostic copy will be created.  Click on OK and the tax file will be sanitized and transmitted to us.
  4. Please provide the Token Number that was generated in the response

 

 

 

Click here for information regarding capital gains short and long-term.

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scottmsu
Returning Member

NY tax impact too high after entering capital gain

This appears to be correct after all, so nevermind.  The NY Tax tables have some non-linear jumps when your AGI crosses certain boundaries.  And that appears to be what is happening here. 

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