TURBO TAX (TT) USERS beware. I agree 100% with these other users. Long Term Capital Gain Taxes are not being computed accurately (LTCG)......The LTCG are being added to your income and become "TOTAL INCOME".
I do not see where the LTCG is taxed according to the IRS......TT just takes the $$$ from Schedule D line 16 and enters that number into the 1040 versus apply the IRS LTCG tax rates below
Straight from the IRS... web site
reference is https://www.irs.gov/taxtopics/tc409
For taxable years beginning in 2024, the tax rate on most net capital gain is no higher than 15% for most individuals.
A capital gains rate of 0% applies if your taxable income is less than or equal to:
- $47,025 for single and married filing separately;
- $94,050 for married filing jointly and qualifying surviving spouse; and
- $63,000 for head of household.
A capital gains rate of 15% applies if your taxable income is:
- more than $47,025 but less than or equal to $518,900 for single;
- more than $47,025 but less than or equal to $291,850 for married filing separately;
- more than $94,050 but less than or equal to $583,750 for married filing jointly and qualifying surviving spouse; and
- more than $63,000 but less than or equal to $551,350 for head of household.
Turbo Tax (TT) needs to fix this ASAP. LTCG are not being computed accurately..
The TT
