Amethyst
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Dec 21, 2008
- Messages
- 12,886
Now that we no longer have rental property, have sold no real estate, and live in a no-state-income-tax state, I decided to try doing our 2020 taxes (previously we've always used a CPA). I purchased H&R Block Deluxe.
The questions are self-evident, except for one thing: They ask for mutual funds capital gains distributions, but do not distinguish between long-term and short-term gains. My understanding is that short-term gains are taxed as regular income, while long-term gains are taxed 20% (we are in the 24% marginal bracket).
I searched the HRB web site, and only found info on gains related to sales of mutual funds. Next I tried chatting with an HRB agent but all she did was direct me to "search" for this and that, which I'd already done.
I must be missing something. How do others handle this?
The questions are self-evident, except for one thing: They ask for mutual funds capital gains distributions, but do not distinguish between long-term and short-term gains. My understanding is that short-term gains are taxed as regular income, while long-term gains are taxed 20% (we are in the 24% marginal bracket).
I searched the HRB web site, and only found info on gains related to sales of mutual funds. Next I tried chatting with an HRB agent but all she did was direct me to "search" for this and that, which I'd already done.
I must be missing something. How do others handle this?
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