Why is TT calculating 30% tax for long term capital gains. I double checked that I entered as a long term gain.

[vb10123]

Turbotax is charging more than 15% for long term capital gains entries in the Federal Refund/Tax "in progress" tool - a nearly 30% tax. I've double checked that I am selecting "Long Term" in the drop down box, My ordinary income tax rate is not even that high in the event that TT is erroneously calculating as a short term gain.  Any suggestions to resolve this? Is it a bug?

[GeorgeM777]

In order to adequately address your question, we need further clarification about the nature and extent of your other forms of income.  It could be that your other forms of income, when added to your long term capital gain tax, is the reason your tax is higher than you anticipated.  Moreover, if you have not completed your tax return, please do so and provide whatever additional information you have.  However, because this is a public forum, do not include any personal identifiable information in any follow-up response.   You also have the option of discussing your tax situation with one of our Live Tax Experts by clicking on the Live Help icon within TurboTax.  

For your review, included below are two charts, one reflecting 2021 short term capital gain rates and one reflecting 2021 long term capital gain rates. 

[SweetieJean]

Also be aware that any increase in income can lower or eliminate some deductions/credits; thus further raising your taxes.