You'll need to sign in or create an account to connect with an expert.
Even though it shows up as income on the first page,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.
When you enter one taxable transaction, you can't just watch the monitor. You increased your overall adjusted gross income and with that come many other changes in your return, not just the incremental tax on the one transaction.
Like for example it increased your AGI and that would decrease some deductions if you itemized on Schedule A. And by increasing your AGI it might reduce some credits you were getting like EIC. And can make more of any Social Security taxable.
You would have to compare both returns line by line before and after you entered the income to see all the changes.
Thank you so much for the reply VolvoGirl! I guess I can only print out the pdf after I complete my tax filing with the online turbo tax version, is this correct? Hopefully Turbo tax someday can add a feature to explain tax changes dynamically, i.e. you added this 1K income, and it causes decrease in this and increase in that, thus you overall tax increased by $x. That would be a smart AI tax-gpt 😀
You can print it anytime and you should before you file to check it over. You will have to pay any fees to print out everything.
Before filing, You can preview the 1040 or print the whole return
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
alexherrera00
New Member
romcgee1985
New Member
SauceDonkey
Returning Member
cbranch24
New Member
eph147
New Member