kato5665
New Member

Taxation of long term capital gains

My ordinary income (total taxable income without capital gains) is less then $36,650 (single). Everything I have read says therefore my tax rate on capital gains is zero. I have $1,000,000 of LT cap gains. When I use "Qualified divs & cap.gains Worksheet" it shows I have to pay income taxes. What is wrong with my thinking that I should not have to pay taxes on these gains?  Thanks.