On schedule d tax worksheet line 15 the values to enter seem to be wrong. For married joint it enters 77,200, not 77,400. Should these values be changed?

Forum|Forum|7 years ago
June 3, 2019
2 replies
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BillM223

Level 15

TurboTax is using the correct number of $77,200.

The IRS instructions for Schedule D state on the Schedule D Tax Worksheet (page D-16 at https://www.irs.gov/pub/irs-pdf/i1040sd.pdf) use $77,200 for the cutoff amount for married filing joint – see line 15 on the worksheet.

Note that the instructions for form 1040 for the Qualified Dividends and Capital Gain Tax Worksheet on page 40 (https://www.irs.gov/pub/irs-pdf/i1040gi.pdf) also use $72,000 (see line 8 of the worksheet).

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MD Shirley

Level 2

IRS website states that the tax calculation worksheet was updated May 16. Returns filed prior to May 16 will be corrected by the IRS, which is what happened to me. Returns filed after May 16 should us the new worksheet which they say is in the updated Schedule D instructions.

I do wish Turbo Tax would include specific information of the changes made to the program when the program update is made available for installation.