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cherls
Returning Member

1099-B LT capital gains not calculating at 15%

I have a long term capital gain that I am reporting on 1099-B that is not calculating the tax at the long term tax rate. I've included the go proceeds on 1d and added the cost basis on 1e into turbotax so not sure why it's calculating at 30% vs. 15%

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1 Reply
KurtL1
Expert Alumni

1099-B LT capital gains not calculating at 15%

The long-term capital gains tax rate is 0%, 15% or 20% depending on your taxable income and filing status.

 

Review you Qualified Dividends and Capital Gain Tax Worksheet on you return. The tax on your qualified dividends and capital gains is calculated on lines 18-23 of the worksheet.

 

 

To review the worksheet, you would:

  1. Select Tax Forms in the Black bar on the left side of the screen.
  2. Select Tools from the drop down menu.
  3. On the Tools Center Select Tax Summary
  4. Select Preview my 1040 in the Black bar on the left side of the screen.

Look for the Worksheet in the documents.

 

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