I have a LT sale of Gold Coins, but Schedule D Tax Worksheet does not show a 28% tax?

[mchadderdon]

My form 8949 shows a box (F) LT gain from the sale of a gold coin.  My Schedule D 28% rate gain worksheet shows this gain also.   Schedule D tax worksheet, line 11c shows this same number on the tax worksheet. Schedule D tax worksheet however does not show a 28% tax on the this gain.  My taxable income is over $150,000 so I don't understand why this is happening.

[M-MTax]

If you can get into Forms Mode, look at your 28% Rate Gain Worksheet.

[mchadderdon]

The 28% Rate Gain Worksheet shows the gain also.

[M-MTax]

Probably why there are separate worksheets.

[mchadderdon]

I found my answer.  The 28% is a maximum tax rate.  If you are in a tax bracket that is lower than the 28% then you are taxed at your ordinary income bracket.  You don't get a lower capital gains rate, but you also don't have to pay a 28% rate.  You only pay the 28% if you are in a higher tax bracket which would be a lower rate than your ordinary income.  Found that on taxsharkinc.com. 

[M-MTax]

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@mchadderdon wrote:

I found my answer.  The 28% is a maximum tax rate.

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Yeah, that's correct; the maximum long-term capital gains rate is 20% while the maximum collectibles (gain) tax rate is 28%. I did not realize you were unaware of the foregoing.

Also, don't forget about the NIIT, which both types of gains are subject to once the threshold is exceeded.