You'll need to sign in or create an account to connect with an expert.
Any Long Term Capital Gains? They are taxed at a lower rate.
Thanks for your reply. According to TurboTax Line 15, Taxable Income, is $68516. I had a long term capital gains loss, so no tax there. No short term capital gains. Line 16 Tax is $5782. According to the IRS Tax Rate Schedule, I'd be in the 12% bracket and my tax would be $7827. The difference is more than $2000. Why?
How much on Line 3a Qualified dividends? Those aren't taxed a the full rate either.
Make sure line 7 on the 1040 is really a loss too.......Edited probably in parenthesis to show a loss... can be as much as -3,000 but no more.
Edit: Just checked....Looks like they use a "-" sign, not a parenthesis for a loss
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
osgood53
New Member
NeUnhappy
New Member
samT5
New Member
mizzkitty79
New Member
slowreader
Level 4
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.