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Get your taxes done using TurboTax
1040 line 7 says Capital gain or loss - schedule D required and it does say the capital gain amount.
And that number is included in the sum of total income on lines 9 and 11.
Line 14 has our standard deduction and then line 15 is the "taxable income"; the difference of the total income and the standard deduction.
So the "taxable income" , Line 15 and including the capital gain, is still under 93k . The threshold for us is 94,050 for capital gain tax. The capital gain, therefore has 0% tax liability but the overall fed income tax liability went up as soon as I entered the 1099B. the amount is an inexplicable amount.... it's not enough to be taxed at either our bracket's regular tax no the capital gain tax.
‎February 15, 2025
10:34 AM