Question

Standard deduction/capital gains

Forum|Forum|3 years ago
March 3, 2023
1 reply
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I noticed on my 2022 turbo tax submission that the standard deduction was take and my 1 capital gain was taxed at the regular rate and not at the reduced capital gain percentage. Is this correct? Also, how do I talk to a turbo tax expert? My Premier Turbotax says I have free phone help but does not give me a direct phone number or how I can call the tax expert. Every time I get the voice machine that hangs up.

VolvoGirl

Employee

Even though it shows up as income on the first page, if you have capital gains or qualified dividends the tax is not taken from the tax table but is calculated separately from schedule D. The tax will be calculated on the Qualified Dividends and Capital Gain Tax Worksheet. It does not get filed with your return. In the online version you need to save your return as a pdf file and include all worksheets to see it.

For the Desktop version you can switch to Forms Mode and open the worksheet to see it. Click Forms in the upper right (upper left for Mac) and look through the list and open the Qualified Dividends and Capital Gain Tax Worksheet.

R

ronfobAuthor

Thank you for quick reply. Turbotax's phone assistance is terrible. They state in Premier that you have free US based phone help but make it extremely frustrating to talk to a tax expert. When I do my taxes I like to quickly resolve any questions and complete my tax returns. They should include a direct phone number inside with the disk. I have used Turbo tax for many years but this may be the last year. Thanks again for your help.