You'll need to sign in or create an account to connect with an expert.
If you enter qualified dividends and/or capital gains on your return, taxes will not be calculated using the tax tables, but using either the Schedule D Tax Worksheet provided in the Instructions for Schedule D, or the Qualified Dividends and Capital Gains Tax Worksheet in the Instructions for Form 1040 and 1040-SR.
These worksheets will result in lower taxes than the tax table or tax schedule.
This is what you're seeing happen in TurboTax.
[Edited 03|18}2020 10:37 am]
If you enter qualified dividends and/or capital gains on your return, taxes will not be calculated using the tax tables, but using either the Schedule D Tax Worksheet provided in the Instructions for Schedule D, or the Qualified Dividends and Capital Gains Tax Worksheet in the Instructions for Form 1040 and 1040-SR.
These worksheets will result in lower taxes than the tax table or tax schedule.
This is what you're seeing happen in TurboTax.
[Edited 03|18}2020 10:37 am]
I used the QUALIFIED DIVIDENDS AND CAPITAL GAIN TAX WORKSHEET but the tax computed for my total return seems not calculated the tax due on our other income on line 15 of 1040. I like the lower tax due but doesn't seem correct. What am I missing?
@CLynn0 wrote:
I used the QUALIFIED DIVIDENDS AND CAPITAL GAIN TAX WORKSHEET but the tax computed for my total return seems not calculated the tax due on our other income on line 15 of 1040. I like the lower tax due but doesn't seem correct. What am I missing?
if you are referring to the 2020 tax return, the software, forms and schedules has not yet been finalized for investment gains and losses.
The Schedule D and Form 8949 are scheduled to be available on 01/14/2021.
Go to this TurboTax website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html
Makes sense, will have to go another way since I am trying to evaluate whether to take an inherited IRA WD this year. thanks
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Gamze
Level 3
selfprepper
Level 2
ashughes
Level 1
DatBio
Level 3
Queennaomi
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.