My 2020 return has Short

Forum|Forum|4 years ago
December 18, 2021
1 reply
3 views

Short and long term cap gains rates are different. Turbo tax rolled them both up onto line 7 which gets incorporated into the AGI which in turn results in one tax rate for all income. This can't be right.

TurboTax Online

Best answer by VolvoGirl

If you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return. In the online version you need to save your return as a pdf file and include all worksheets to see it.

For the Desktop version you can switch to Forms Mode and open the worksheet to see it. Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.

VolvoGirlAnswer

Level 15

iitmarty

Level 2

I got one of those IRS letters. It looks as though Turbo Tax failed to enter my Edward Jones income in 2020 and I now owe $2,294.00. I went through the process to retrieve that income but it failed to show up on my report. I will follow up wIth Edward Jones as well. Please respond.

Martin F Mansfield

Hal_Al

Level 15

This is a user to user forum. You can probably get help from this forum by providing more detail on what the IRS notice says.

If you purchased Audit Defense for your tax return, call Tax Resources, Inc. at 877-829-9695, or report your notice on their web site at http://intuit.taxaudit.com/. Do not contact the IRS. Let Tax Resources contact them for you.

If you did not purchase Audit Defense, start by downloading and running the Audit Support Center at the following link.

https://turbotax.intuit.com/best-tax-software/why-choose-turbotax/audit-support.jsp

(scroll down for more options)

See this TurboTax support FAQ for a list of Letters and Notices from the IRS - https://ttlc.intuit.com/questions/3605673-i-got-a-letter-or-notice-from-the-irs

For assistance in understanding the letter or notice you received from the IRS use the TurboTax Audit Support Center - https://support.turbotax.intuit.com/irs-notice/audit-support/