topic Long Term Capital Gain in Get your taxes done using TurboTax

Long Term Capital Gain

Taxjinhe — Mon, 25 May 2020 21:14:06 GMT

My taxable income (including long term capital gain) is $15,000. My long term capital gain is $13,000. Why does TurboTax still calculate tax on my long term capital gain?

Re: Long Term Capital Gain

AnnetteB6 — Mon, 01 Jun 2020 12:42:14 GMT

What is the nature of the other $2000 of income? Is it from self-employment? If so, the tax you are seeing could be self-employment tax and not a tax on your long term capital gain.

Take a look at your Form 1040 and determine if the tax is included on line 12a or line 15. If it is on line 15, then take a closer look at Schedule 2 to determine what type of tax it is.

@Taxjinhe

Re: Long Term Capital Gain

Critter — Mon, 01 Jun 2020 12:49:13 GMT

Did you exclude foreign income ? Review the Qualified Dividends and Capital Gain worksheet to see how the tax is being calculated and the form 1040 to see where that bottom line is coming from if it is not the fed tax ... is could be SE or a penalty of some sort.

You can peek at only the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2) then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

To pay the TurboTax online account fees by credit card, without completing the 2019 return at this time, click on Tax Tools >>> Tools and then Print Center. Then click on Print, save or preview this year's return. On the next page, to pay by credit card, click Continue. On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button. The next screen will ask for all your credit card information so you can pay for the account.