I am trying to do my return for 2021 and noticed an unusually large tax bill. I have just under $80,000 in Capital Gains and if I add Qualified Dividends I'm up to $88,000. When I look at the Qualified Dividends and Capital Gains Tax worksheet, it seems like I'm being taxed on most of it, instead of getting the $80,800 "exemption" for filing as Married Filing Jointly.
Form 1040 Line 15 is $156,000, if I deduct the $80,800, net taxable income should be about $75,200, giving me a tax bill of about $9,000. Instead Turbo Tax is saying $19,000!
