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mertax
Returning Member

Tax calculation wrong

I am filing a 1040SR.  It has a capital gain on Schedule D (sold a house).  The taxable amount is $37,000 and the Turbo tax show $0 Federal tax owed.  According to the tax table, I have to pay a $4000+ on Federal tax.  There is something wrong with the program calculation.  How to fix this?  Thank you.

 

2 Replies
VictoriaD75
Employee Tax Expert

Tax calculation wrong

Was the house a principal residence? 

 

A seller who has owned and used a home as a principal residence for at least 2 of the last 5 years before the sale can exclude from income up to $250,000 of gain, $500,000 for joint filers. TurboTax will help you determine your exclusion.

 

To enter, follow these steps:

  • Under the Federal menu, choose Wages & Income
  • Expand the menu for Less Common Income
  • Click Start/Revisit next to Sale of Home (gain or loss)
  • Enter the information on the screens that follow
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mertax
Returning Member

Tax calculation wrong

No, it is a rental.  

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