Massachusetts Capital Gains Refunds

January 22, 2006 6:10 PM

Does anyone know of a simple guide to calculating my refund on Massachusetts capital gains taxes for 2002? The state's instructions are long and, at first glance, incomprehensible.

Our noble General Court at first tried to increase the tax rate in mid-year, which eventually was ruled unconstitutional, and now, three years later, they decided to lower the rate for the whole year.

posted by teaperson to work & money (1 comment total)

Maybe this helps:

(a) First, you fill out a revised Schedule D (new form) to calculate what you SHOULD have paid.

(b) Schedule B (not revised) allows for certain adjustments to Schedule D. If you didn't use schedule B in 2002, originally, then you don't need to use it now.

(c) Once you've completed the revised Schedule D, you fill out the form that actually calculates how much you get back (the "2002 Income Adjustment Form for Capital Gains").

If that doesn't help, then perhaps you could explain on which step of the five on the web page (for the link you provided) you're not able to get through.
posted by WestCoaster at 7:52 PM on January 22, 2006