What is listed on your tax return?
From the left sidebar
- Select Tax tools
- Hint: You may have to minimize the Federal and State selections
- Click Tools
- A Menu will pop up
- Select View tax summary
- On the left panel click Preview my 1040
- Capital gain is on line 7
- For greater detail you may have to pay to see Schedule D
Some Key numbers to compare:
- 11 Adjusted Gross Income
- 12 Deductions
- 15 Taxable income
- 16 Tax
- 33 Total Payments
- 34 Overpayment
- 35a Refund
- 37 Amount you owe
There are two types of capital Gains
- Short term (under 366 days)
- These are taxed at you regular income tax rate.
- Long term ( over one year)
- These are taxed at maximum of 15% unless your regular tax rate is lower
If you have investment gains and losses they are combined for each category (Short & Long) and then taxed.
If the combination of both turns out to be a loss, you can only take a maximum of $3,000 less in one year.
If there is an excess of loss, it will be carried to the following years.
There are multiple other conditions that may come into play, but these are the basics.
Please see Capital gains and losses
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