how to fill 'Long-term capital gains and losses' screen for penalty recalculation?
I had stock capital gain $30000 for 2025 and $10000 Capital Loss Carryover from 2024. The net capital gain for 2025 was $20000. My actual gain for 1/1/2025 to 3/31/2025 was $ 8000. Should I fill amount $8000? Or fill amount -$2000(8000- 10000) for 1/1/2025 to 3/31/2025?
Since I had $10,000 carry over from 2024, I didn't pay estimated tax in early 2025 when I got gain $8,000. If Turbo Tax subtracts $10,000 at end of year, I have to pay penalty for the gain I had at early 2025. It doesn't make a sense for me.
What is the right way to fill that screen?
Thank you.
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You can treat the $10,000 loss carryover from 2024 as applying to the 1st. quarter, since at the end of the quarter you had no taxable gain on which to pay estimated tax.
That means that I can fill -$2000 as capital gain for 1/1/2025 to 3/31/2025. Right?
Thank you.
That is correct.
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