The effect of capital gains on your taxes also depends on whether your capital gains were short-term or long-term. See your Schedule D. When your short-term gains exceed your short-term losses, you pay tax on the net gain at the same ordinary income tax rates you pay on most of your other income, such as your wages or interest income. See this TurboTax Tips article for more information.
Check also to see if you have any Additional Taxes on Schedule 2, which carry over to Line 23 of Form 1040.
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