What is listed on your tax return? From the left sidebar Select Tax tools Hint: You may have to minimize the Federal and State selections Click Tools A Menu will pop up Select View tax summary On the left panel click Preview my 1040 Capital gain is on line 7 For greater detail you may have to pay to see Schedule DSome Key numbers to compare: 11 Adjusted Gross Income 12 Deductions 15 Taxable income 16 Tax 33 Total Payments 34 Overpayment 35a Refund 37 Amount you oweThere are two types of capital Gains Short term (under 366 days) These are taxed at you regular income tax rate. Long term ( over one year) These are taxed at maximum of 15% unless your regular tax rate is lower If you have investment gains and losses they are combined for each category (Short & Long) and then taxed.If the combination of both turns out to be a loss, you can only take a maximum of $3,000 less in one year.If there is an excess of loss, it will be carried to the following years. There are multiple other conditions that may come into play, but these are the basics.Please see Capital gains and losses

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msbz123

Employee

Question

When I go to the Capital Gains section, it says that I would pay 15% taxes. But that doesn't match what I owe, which is twice as much. What am I not understanding?

Forum|Forum|1 year ago
March 23, 2025
1 reply
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JohnB5677

What is listed on your tax return?

From the left sidebar

Select Tax tools
Hint: You may have to minimize the Federal and State selections
Click Tools
A Menu will pop up
Select View tax summary
On the left panel click Preview my 1040
Capital gain is on line 7
For greater detail you may have to pay to see Schedule D

Some Key numbers to compare:

11 Adjusted Gross Income
12 Deductions
15 Taxable income
16 Tax
33 Total Payments
34 Overpayment
35a Refund
37 Amount you owe

There are two types of capital Gains

Short term (under 366 days)
- These are taxed at you regular income tax rate.
Long term ( over one year)
- These are taxed at maximum of 15% unless your regular tax rate is lower

If you have investment gains and losses they are combined for each category (Short & Long) and then taxed.

If the combination of both turns out to be a loss, you can only take a maximum of $3,000 less in one year.

If there is an excess of loss, it will be carried to the following years.

There are multiple other conditions that may come into play, but these are the basics.

Please see Capital gains and losses

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msbz123Author

Employee

I checked all that, thank you. But the thing I can't figure out is why it's so much higher than it should be. I'm paying twice as much in capital taxes than it should be. They were long-term gains and based on our income level, they should have been paid at 15%. But somehow it's costing us twice as much. How could that be? What am I missing?