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
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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.
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).
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