Long term capital gain taxed is not 15%

Forum|Forum|1 year ago
March 22, 2025
2 replies
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TurboTax premier is wrong calculation.

My long term capital gain total is added to my income as ordinary income?

It should be taxed only 15% or 20% Max

Why total long term capital gain was added to income and boosted up the federal tax.

Best answer by VolvoGirl

Even though it shows up as income on the first page,if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return.

In the online version you need to save your return as a pdf file and include all worksheets to see it.

For the Desktop version you can switch to Forms Mode and open the worksheet to see it. Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet. And you will need to use this IRS worksheet on page 15.

https://www.irs.gov/pub/irs-pdf/i1040tt.pdf

VolvoGirlAnswer

In the online version you need to save your return as a pdf file and include all worksheets to see it.

https://www.irs.gov/pub/irs-pdf/i1040tt.pdf

DianeW777

The information from VolvoGirl is correct. If you are using TurboTax Online and would like to print your return to review the tax calculations follow the instructions below. Capital gains will be added to your taxable income, however the tax calculation takes place on a worksheet.

You have access to all forms when you choose to print your return in TurboTax Online/Mobile. However you are required to pay before printing, but do not have to file until you are ready.

Can I print a copy of my return in TurboTax Online before filing?

If you are using TurboTax Desktop you can switch to Forms and review all forms and worksheets.

@Danielqk

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DanielqkAuthor

Thanks for responding but I need more detail procedures

If I save as pdf how can I change or input the PDF file ?

Pdf file is fixed and can not be changed ?

Why TurboTax do the right calculation at first step ?

VolvoGirl

If you need to change something you need to go back into your Online return. Click on Add a State to let you back into your return. The pdf is just to look at your return. Turbo Tax is doing it right. What do you want to change?