All capital gains (long-term and short-term) are reported on Form 8949 and Schedule D is used to calculate a net capital gain or loss. If there is a net gain that is all short-term, then the short-term gain will be taxed at the taxpayer's regular income tax rate; however, if there are long-term losses, these are allowed to offset the short-term gains.
Capital gains and losses are entered on Form 1099-B in the TaxAct program and then reported on Form 8949 and Schedule D.
- From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
- Click Investment Income in the Federal Quick Q&A Topics menu to expand the category and then click Gain or loss on the sale of investments
- Click Capital gain or loss (Form 1099-B)
- Click +Add Form 1099-B to create a new copy of the form or click Review to review a form already created
- The program will proceed with the interview questions for you to enter or review the appropriate information