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rlowry60
Returning Member

Can you get tax advice with turbo tax?

 
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4 Replies

Can you get tax advice with turbo tax?

Are you trying to prepare a tax return?   What sort of advice are you seeking?   Here in the user forum we can help with most questions about income tax returns or using the software.   If you have questions of that nature, post them clearly and specifically without any personal information.   If you are alluding to tax "planning"  -- please explain what you are trying to do.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
rlowry60
Returning Member

Can you get tax advice with turbo tax?

I'm building a house and will be selling stocks with significant capital gains.  This will put me in a tax bracket I never imagined.  I understand putting money aside from the stock sales to pay capital gains taxes but I don't know about other taxes I will pay from being in the higher bracket.  I typically get a modest refund each year.

rlowry60
Returning Member

Can you get tax advice with turbo tax?

Let me clarify a little better. Please let me know if this is correct. Long term capital gains are taxed at a rate based on AGI, correct?. Long term capital gains cannot push me into a higher tax bracket, correct? My federal income tax does not include income from the long term capital gains, correct?

Can you get tax advice with turbo tax?

1.  Long term capital gains tax is not taxed on your AGI but is based on your taxable income.  
2. Long term capital gains can, however, put you in a higher tax bracket since those gains are included in your AGI. 
3.  Your federal tax incudes tax on your regular income at your marginal tax rate and.tax on your capital gains at your taxable income rate. State tax may be calculated differently. 

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