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.

a1
New Member

My 2021 tax had short and long term gains on Sched D but turbotax put them both in as current income and calculated tax that way. Turbotax error!?

 
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.

3 Replies

My 2021 tax had short and long term gains on Sched D but turbotax put them both in as current income and calculated tax that way. Turbotax error!?

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.

a1
New Member

My 2021 tax had short and long term gains on Sched D but turbotax put them both in as current income and calculated tax that way. Turbotax error!?

VolvoGirl, Thanks for your answer.  I'm still confused.  I filed electronically using the online version.  On Schedule D, it shows on lines 15 and 17 the short and long term gains.  The sum of these two numbers appear on the 1040, line 7.  All the detailed transactions are shown on the 8949.  This shows as 3/4 of my AGI and Taxable Income.  I do see some worksheets with this information but don't see where it calculates the tax.  How can I check the tax calculation as the 1040 is certainly misleading.  Thanks so much. 

My 2021 tax had short and long term gains on Sched D but turbotax put them both in as current income and calculated tax that way. Turbotax error!?

There is no line on 1040 devoted to Long Term.

That's why it is all on one line.

see the Schedule D worksheet used to calculate your tax. There are two.

 

@a1 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question