Can I zero out my capital gain distribution if my income is less than 80,000 (jpint)

[Texas Roger]

No you can't zero it out. The capital gains are added to your other income to determine the capital gains tax rate. For a married filing jointly tax return, the total of up to $80,800 of your ordinary income plus capital gains less your standard or itemized deductions determine the tax rate on the capital gains. It is 0% for the amount of gains when added to your ordinary income that brings the total up to $80,800. Any amount above $80,800 up to $501,600 for married filing jointly is taxed at 15%.

[ColeenD3]

How do you mean zero it out? Your capital gain distribution is included on your return. Capital Gains Distributions reported on Form 1099-DIV, Box 2A should be reported on Schedule D, Line 13.  On Schedule D, your Capital Gains Distributions are combined with any Short-Term or Long-Term Capital Gains or losses and this figure flows to Line 7 of your Form 1040.

Long-term capital gains tax is a tax on profits from the sale of an asset held for more than a year. The long-term capital gains tax rate is 0%, 15% or 20% depending on your taxable income and filing status.

LTCG Rates