KrisD15
Expert Alumni

Tax law changes

Are you looking at your completed return? 

Are you looking at your 1040? 

Taxable income is computed and listed on your 1040 line 15.  

1040 line 16 will show the tax on ALL your income, not just your capital gain Tax. 

 

Taxable income is computed by applying deductions first to offset your gross income. 

Deductions are applied to your income as a total income amount, not to Capital Gains and Earned Wages separately. 

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