Money 98: Maximum Capital Gains Tax Applied Incorrectly (174114)
The information in this article applies to:
- Microsoft Money 98
- Microsoft Money 98 Deluxe Edition
- Microsoft Money 98 Financial Suite
This article was previously published under Q174114 SYMPTOMS
When you use the Tax Worksheet in Microsoft Money 98 the tax liability may
not be calculated correctly. Money may apply the maximum Capital Gains Rate
even though there is a capital loss.
CAUSE
This problem may occur when the following conditions are true:
- You use the Tax Estimator to calculate the tax.
-and-
- The Short-Term Capital Gains amount is negative.
-or-
- The Long-Term Capital Gains amount is negative.
RESOLUTIONMORE INFORMATION
You can only apply the Long-Term Capital Gains tax at a maximum rate when
both the Short-Term and Long-Term Gains are positive. The way the tax
worksheet code is calculating the tax, you are getting a double benefit.
The benefit is a Capital Loss and capped taxation on the Long-Term Capital
Gains, which was already included in the loss.
STATUS
Microsoft has confirmed this to be a problem in the Microsoft products
listed at the beginning of this article.
This problem has been corrected in Microsoft Money 99.
| Modification Type: | Major | Last Reviewed: | 1/5/2005 |
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| Keywords: | kbbug kbfix KB174114 |
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