Massachusetts 2011: Long-Term Capital Gains and Losses
Massachusetts taxpayers pay a state tax on their Massachusetts long-term capital gains, and these gains may be off-set by any available capital losses.
Certain customers, who reported a loss from the disposition of their business property on federal Form 4797, may have filed an incorrect Massachusetts tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following are true:
- You filed your 2011 Massachusetts tax return before March 6, 2012 AND
- You filed a 2011 federal Form 4797 Sale of Business Property AND
- You had an amount on your federal Form 4797, Part II, Line 11 AND
- You had no amount on your Massachusetts Schedule D Long-Term Capital Gains and Losses, Line 7
If you are affected, your may have overpaid your Massachusetts tax. You may need to amend your Massachusetts tax return.
You can make the corrections yourself.
- To do it yourself, please follow these step-by-step instructions.
- 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 assistance, call us at the phone number in the email.
Or let us do the work for you.
- Please download and print this Authorization Form.
- Complete the form and fax it to us at the number printed at the top of the form.
- A TurboTax representative will contact you (within 15 days) when your corrected return is ready to be securely emailed back to you.
- You can print, sign, and mail the corrected return to the state taxing authority.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Massachusetts 2011: Capital Gain/Loss.
