I had the exact problem with an Audio-Technica AT-LP2D-USB turntable. I was ready to send it back, but decided to try to look at all the settings. The fix noted above worked. This problem was not limited to Audacity, it also occurred with the Cakewalk software that was also included with the turntable. The fix I used is I believe identical to the one described in the earlier post. Here are my notes.
Setting up for stereo recording in VISTA
Open control panel
Switch to “Classical View”
Open Sound (speaker icon)
Choose Recording
Click on “Microphone” USB Audio CODEC
Click on “Properties”
Click the “Advanced” tab
Choose “2 channel, 16 bit, 44100 Hz (CD quality)
Click “Apply”
Close out all boxes.
Can't Get Audacity to record in Stereo (Vista)
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Audacity 1.2.x is now obsolete. Please use the current Audacity 2.1.x version.
The final version of Audacity for Windows 98/ME is the legacy 2.0.0 version.
Audacity 1.2.x is now obsolete. Please use the current Audacity 2.1.x version.
The final version of Audacity for Windows 98/ME is the legacy 2.0.0 version.