turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Capital gains taxed at 27 percent?

Good morning. I have distributed all interest and dividend income from a trust to its beneficiaries, leaving $14,267 in long-term capital gains on Schedule D to be taxed to the trust. In Form 1041, I am shown taxes due of $3,881, or 27%.

 

Long-term capital gains for 2023 are supposed to be taxed at 0% for the first $3000, 15% between $3000 and $14,649, and 20% thereafter. So I figure that leaves $11,267 to be taxed at 15%, or $1,690.05.

 

On Schedule D, I see references to Schedule G and Form 990-T, but neither of those comes up when I search for them.

 

What am I doing wrong? Or, as it seems to me, what is TurboTax doing wrong?

 

Thanks! - Dan

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies

Capital gains taxed at 27 percent?


@slowreader wrote:

What am I doing wrong? Or, as it seems to me, what is TurboTax doing wrong?


Not sure, but on a test return with your figures ($14,367 - $100 trust exemption), I am getting $1690 (see screenshot).

 

Untitled.png

Capital gains taxed at 27 percent?

schedule G is on page 2 of the 1041.

this forum has no access to your return.  contact support.

 

Capital gains taxed at 27 percent?

Thanks for confirming my back-of-envelope calculation that I owe $1690! I'll compare your Part V with what TTax is showing me, and maybe that will provide some light. - Dan

 

Capital gains taxed at 27 percent?

Okay, figured it out! I didn't distribute enough money in the two K-1s for the beneficiaries of the trust, with the result that there was a bunch of dividend income to be taxed to the trust. All is okay now; thanks to those who responded.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies