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okat1
New Member

Why is turbo tax not applying 15%-20% long term capital gains tax to my earning? It is applying my regular income tax rate.

 
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3 Replies
Vanessa A
Employee Tax Expert

Why is turbo tax not applying 15%-20% long term capital gains tax to my earning? It is applying my regular income tax rate.

If it is applying your ordinary tax rate go back and double check your entries to be sure you entered it as a LONG TERM gain instead of a short term gain. Double check the dates you entered and the question regarding what type of gain it was.  If it is a short term gain, then the ordinary tax rate would apply. 

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okat1
New Member

Why is turbo tax not applying 15%-20% long term capital gains tax to my earning? It is applying my regular income tax rate.

It automatically downloads purchase and sale date from Fidelity website. How can i check in Turbo tax the date entries? 

KeshaH
Expert Alumni

Why is turbo tax not applying 15%-20% long term capital gains tax to my earning? It is applying my regular income tax rate.

On the Wages and Income section, click Edit or Update next to your total capital gains. Click edit next to the capital gain you'd like to review. First check the Sales section column to make sure the sale is classified properly. If not, click the edit icon (pencil) to update details.

 

@okat1 

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