In Line 16, lines 7 and 15 are combined. If it is a gain, then we put the result in Line 7. So, Line 7 does not distinguish short-term or long-term capital gain.
TurboTax checked "yes" in Line 20. But I didn't find "Qualified Dividend and Capital Gain Tax Worksheet" filled.
what are you doing? you enter capital gains/losses through a 1099-B worksheet or if your broker partners with TurboTax you can import the info. the transactions then show up on forms 8949. TurboTax sorts out the short and long-term items. the short-term items are then carried to Part 1 of Schedule D and the long-term are carried to Part 2. you should not override entries on schedule D. doing so will prevent you from e-filing.
line 16 is a total/net of lines 7 and 15. if there are net Long-term gains the Long-term gain and qual div wks is generated. if the losses net to short-term and there are no qualified dividends the wks is not generated.
I filled 1040 with TurboTax. But I don't understand why my long-term capital gain and qualified dividend are taxed with long-term capital gain rate.
In part III of Schedule D, the long-term capital gain and short-term capital gain are simply combined in Line 16, then put the sum in 1040. My net long-term gains is positive, but no long-term gain and qualified dividend worksheet is generated.
I wonder if this is a bug in TurboTax.
I had this same thing happen. Did this ever get resolved? It does seem like the Qualified Dividend and Capital Gain Tax Worksheet is missing, and my long-term capital gains were included with short-term and taxed as such.
Edit/Update: I did the math myself and the long term rate was factored in, just wasn't called out anywhere
@wswyr11 The worksheet that the tax was calculated on, should be in your tax file...
BUT
...but, .....it is just a worksheet that is not filed with your tax return and may not be in the File-Only PDF copy of your tax return. That worksheet is only printed or saved as a part of a PDF file IF you you use the option to save your tax file with ALL the backup worksheets. That option to save the full-large PDF is still available to see that form, but for people using the Online software, if you have already filed your taxes, you may have to get back inside your tax file in order to get to the Print Center where that option is presented. When the final 2020 TTX system save occurs, sometime in late Oct or November, your tax file will be re-saved with all those worksheets, and the only PDF download available will be the giant PDF with all the extra worksheets...including that one.
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Some folks should also note that in certain situations, the Qualified Dividend and Capital Gain Tax Worksheet my not be used. Occasionally it will be the Schedule D Tax Worksheet for certain situations.....but there are also a couple different worksheets that might be used to calculate the final tax ....depends on each individuals person situation. Certainly, the Qualified Dividend and Capital Gain Tax Worksheet is most common.