2015 Vermont: Capital Gain Exclusion
Vermont allows an income exclusion for net capital gains up to $5,000.
Certain taxpayers who had both long-term and short-term capital transactions, may have received more of a Vermont exclusion than they were entitled. This is because the calculation on the Vermont tax return may not have been properly limited.
TurboTax has fixed this issue.
How to tell if you may be impacted:
You may be affected if all of the following apply to you:
- You filed your Vermont tax return prior to June 28, 2016 AND
- You had both long-term & short-term capital gain transactions AND
- You had a net gain of $5,000 or less.
If you are affected, you may have underpaid your state tax. You may need to amend your Vermont state return.
To amend your return:
- Follow these amend instructions for the TurboTax Online product.
- Follow these amend instructions for the TurboTax CD Download product.
- After you make the changes to your tax return, you will need to mail a copy of your amended state return.
- Your printed return will include instructions on how and where to mail it.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about: 2015 Vermont: Capital Gain Exclusion.