topic Capitall gains in Deductions & credits

Capitall gains

rroy110 — Wed, 22 Jan 2025 19:42:14 GMT

Why is Turbo tax counting Long term capital gains as income even though my taxable income on my 1040 is below $94050? I am MFJ.

Re: Capitall gains

DoninGA — Wed, 22 Jan 2025 19:45:24 GMT

Capital gains taxes can be eliminated based on your income. That does not mean the actual capital gains is not reported on your tax return as taxable income.

Re: Capitall gains

rjs — Wed, 22 Jan 2025 20:04:13 GMT

The tax calculation does not apply the same tax rate to all of your income. If your total taxable income is $94,050 or less (for MFJ), the long-term capital gain portion of your income will be taxed at the 0% rate.