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
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.
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.
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.
Yes, you will be able to print/preview/save your return before you file, after payment.
Capital gains, losses, and 1099-B forms are all entered in the same place:
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.