Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
wadetowens
New Member

Schedule k1 - IRS shows max tax capital gain to apply is 20% but when I enter my info, my taxes owed increases by an amount equal to ~30% of the capital gain

I'm entering $89,450 in (4a) net long term capital gain and the amount of tax I owe on this jumps $26,947.  the IRS says max is 20% which should be $17,890.  that's a big difference.

1 Reply
CherylW
Level 3

Schedule k1 - IRS shows max tax capital gain to apply is 20% but when I enter my info, my taxes owed increases by an amount equal to ~30% of the capital gain

Depending on your situation, you may be getting assessed an Alternative Minimum Tax (Form 6251) or a Net Investment Income Tax (Form 8960).

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v