DaveF1006
Expert Alumni

Get your taxes done using TurboTax

Keep in mind as you are viewing this, your capital gains tax rate is 15% but you are taxed more for the rest of your ordinary income. You can view this on a Schedule D Tax Worksheet.

 

Your Capital Gains in reported on Line 29 and your capital gains tax is reported on line 31. This tax is computed at 15% of your capital gains income for the year. The rest of your income is reported on Line 21 and the tax on that income is reported in Box 44. This is taxed at your ordinary income rate. 

 

Your total tax liability is then totaled  on line 45 and then recorded on Line 16 of the 1040.

 

 

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