This is correct. The amount in line 7 is capital gain totals. It includes long term and short term. Short term gains are taxed at your marginal tax rate but long term gains are taxed at the long-term gain tax rate. Depending on your income level, it could be from 0%-15%. The tax calculation for long term gains and qualified dividends is on page 2 of the Sch D and you should see a Qualified Dividends and Capital Gains Tax Worksheet in the printed copies of your return. The gain will be on line 7 but the tax calculation is separate than for ordinary income.
The pandemic has affected your taxes in many ways. Including reporting in TurboTax the amount of stimulus money you received. Click Here for more information on how the Pandemic affected your 2020 taxes.
