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.

fredbsf
New Member

Line 16 1040 shows 0 instead of correct tax from long term capital gains?

How can I manually enter correct tax on line 16 1040?
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.

2 Replies

Line 16 1040 shows 0 instead of correct tax from long term capital gains?

you're looking at the wrong line. line 16 is taxable income which would be adjusted gross income reduced for your standard or itemized deductions. it's not your tax. total tax is on line 24. 

do not override. if you do you won't be able to e-file and the accuracy guarantee would be void.

Line 16 1040 shows 0 instead of correct tax from long term capital gains?

@Mike9241  Line 15 is taxable income.  Line16 is the tax.

 

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.

 

For the Desktop version you can switch to Forms Mode and open the worksheet to see it.  Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies