No, you don't necessarily have an error in your entries and it is common to not have refund decreased. Capital gains are taxed based on your ordinary income tax bracket. The tax rate on most net capital gain is no higher than 15% for most taxpayers. Some or all of your net capital gain may be taxed at 0% if you're in the 10% or 15% ordinary income tax brackets. It sounds that it is your situation.
As to how to check that... you can preview your Form 1040 before you file or before you pay
for the program; take a look at line 13, form 1040 - that is your capital gain/loss; then at page 2, line 43. Right below it there is a Tax Smart Worksheet- it should show line 5 checked, it means your tax is calculated based on your capital Gain Tax worksheet, which very often may result in nontaxable treatment of your net capital gains.
- From My account drop down, select Tools (you must be logged
into your tax return and IN your tax return - you may have to select Take
to my return or Pick up when
I left off orange
button)
- Select View Tax
Summary
- Select Preview my
1040
