Speechless: Tax question about stock sale
Mazeroth
Posts: 1,585
This is the first year I've purchased stocks. Here are my transactions (rounded numbers)
3/17 - Bought C (Citi) - $1995 worth
3/19 - Sold All C (Citi) - $2055
PROFIT = $60
3/19 - Bought AIG - $3301 worth
9/1 - Sold All AIG - $5161
PROFIT = $1860
Total profit for 2009 stocks = $1920
So, using TurboTax I use the option to import my Scottrade info directly from Scottrade. It does and shows two sales. It then updates my refund and deducts $1400 from my Federal and State. WTF? Shouldn't I only be taxed on the $1860 I profited at something like 15%?
UPDATE: As I was writing this I stopped and Googled "Scottrade taxes too high" and found a site that explains exactly what I figured out:
http://beerpla.net/2008/04/05/tax-season-how-to-properly-import-trades-from-scottrade-and-interactivebrokers/
So, if you guys are using TurboTax and have a Scottrade account, watch out!
3/17 - Bought C (Citi) - $1995 worth
3/19 - Sold All C (Citi) - $2055
PROFIT = $60
3/19 - Bought AIG - $3301 worth
9/1 - Sold All AIG - $5161
PROFIT = $1860
Total profit for 2009 stocks = $1920
So, using TurboTax I use the option to import my Scottrade info directly from Scottrade. It does and shows two sales. It then updates my refund and deducts $1400 from my Federal and State. WTF? Shouldn't I only be taxed on the $1860 I profited at something like 15%?
UPDATE: As I was writing this I stopped and Googled "Scottrade taxes too high" and found a site that explains exactly what I figured out:
http://beerpla.net/2008/04/05/tax-season-how-to-properly-import-trades-from-scottrade-and-interactivebrokers/
So, if you guys are using TurboTax and have a Scottrade account, watch out!
Comments
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STCG can be taxed up to 35% as inc.:D
