Capital gains calculation

[olegred]

Hi. So, to make a house downpayment we sold about $140k of mutual fund shares. This generated about $37k of gain. Is this amount calculated as part of my overall income? If not, how do I make sure that it is taxed on lower (15% apparently) bracket. Married. Filing jointly. Total income is about $140k. Thanks a lot

[PaulaM · Accepted solution]

The capital gains calculation for your mutual fund shares will depend on how long you held the shares. Long-term rates are 15% for most tax brackets. Short-term rates apply tax at your regular tax rate.

You can see the calculation on Schedule D Tax worksheet. You won't be able to view the schedule/worksheets until you pay for the software.

See calculator below.

http://www.moneychimp.com/features/capgain.htm

[olegred]

So, after I pay for software and before I file I can check schedule D? I am pretty sure all my shares were bought more than a year ago. I just transfered the I fo automatically from Vanguard.

[PaulaM]

Yes, you will be able to print/preview/save your return before you file, after payment.

[213457654]

Where do I find capital gains

[213457654]

Where do I find capital gains in your program?

[MaryM428]

Capital gains, losses, and 1099-B forms are all entered in the same place:

1. Open or continue your return in TurboTax if it isn't already open.
2. Search for investment sales and then select the Jump to link in the search results.
3. Answer Yes to the question Did you sell stocks, mutual funds, bonds or other investments?
   • If you land on the Here's the investment sales we have so far screen, select Add More Sales.
4. Following the instructions and we'll calculate the gain or loss from the sale.

Your total capital gains for the year minus your total capital losses result in a net gain or a net loss.

You can deduct a net loss of up to $3,000 ($1,500 if married filing separately). Any capital loss you couldn't deduct this year can be carried forward and deducted on future tax returns as a capital loss carryover.

@213457654