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Question

I got a schedule K-1 (form 1065). I have some long-term gains in 9a, which appear as distributions, too, in 19A. What should be the income tax rate on this?

Forum|Forum|3 years ago
April 27, 2023
2 replies
0 views

I have long-term capital gains in 9a that also appear as distributions in 19A. I thought these would get taxed at the long term capital gain rate of 15% but turbotax taxed this in 20%.

TurboTax Premier Online

9a is taxable as long-term gain and increases your tax basis. 19A is not taxable income but reduces your tax basis. why 20%? more income can have an affect on other items. you would need to review the cap gain and qualified dividend worksheet to see how the gain is taxed.

Employee

To provide a little more clarification, the capital gains rate can be 0%, 15% or 20%.

Your rate depends on your taxable income and filing status.

As was noted by @Mike9241 , you can see this determination by reviewing your capital gain tax worksheet within TT.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.