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My husband and I have taxable income of <40K. When I enter $1500 in Capital gains from sale of stock, our refund goes from >3K to owing $500. Why is this?
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June 1, 2019
12:38 AM
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Investors & landlords
Are these short term capital gains?
versus long term (held more than one year.
Can you double check this entry as a $3,500 swing for reporting $1,500 something else is going on. Make sure the sales price and the cost basis, do not have extra decimal places or commas.
versus long term (held more than one year.
Can you double check this entry as a $3,500 swing for reporting $1,500 something else is going on. Make sure the sales price and the cost basis, do not have extra decimal places or commas.
June 1, 2019
12:39 AM
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Thank you for your answer. They are long term. I have tried entering (and removing) them 3 times. I have also tried uploading directly from my financial institution and I get the same result every time.
June 1, 2019
12:39 AM
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Can you do a preview of your tax return and tell me what is on line !7 without the capital gain and after it is entered.
To Preview a copy of the Form 1040 prior to paying for TurboTax.
A. Go to Tools in left side of screen and click on Tools
B. A box titled: Tool Center will open and below the 3 boxes is: Other helpful Links…
C. Click on the first one: View Tax Summary
D. Then in left side of screen click on: Preview My 1040
E. You can scroll up and down and see the numbers on a working copy of your Form 1040
To Preview a copy of the Form 1040 prior to paying for TurboTax.
A. Go to Tools in left side of screen and click on Tools
B. A box titled: Tool Center will open and below the 3 boxes is: Other helpful Links…
C. Click on the first one: View Tax Summary
D. Then in left side of screen click on: Preview My 1040
E. You can scroll up and down and see the numbers on a working copy of your Form 1040
June 1, 2019
12:39 AM
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Investors & landlords
Investment income includes interest, dividends, and capital gains. It also includes royalties and passive activities from Schedule E, though most taxpayers don't have to deal with those.
If this exceeds $3,500 in 2018 the the EITC is gone. This is what Critter#2 is referring to.
If this exceeds $3,500 in 2018 the the EITC is gone. This is what Critter#2 is referring to.
June 1, 2019
12:39 AM
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Investors & landlords
Have not heard from you for awhile. Did you find the issue or still need help?
June 1, 2019
12:39 AM
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Investors & landlords
My account was on hold for a while for some reason. It turns out I have more than $3500 investment income, so it wipes out the EITC. Which is such a bummer. Thanks for your help.
June 1, 2019
12:39 AM
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Thank you and I will put that in the answer so others know this is closed.
June 1, 2019
12:39 AM
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Investors & landlords
Investment income includes interest, dividends, and capital gains. It also includes royalties and passive activities from Schedule E, though most taxpayers don't have to deal with those.
If this exceeds $3,500 in 2018 then the EITC is gone.
June 1, 2019
12:39 AM