Solved

Long-Term Capital Gains Tax Rate

Forum|Forum|4 years ago
April 10, 2022
1 reply
0 views

Hello,

I am entering long-term capital gains from stock sale, and the tax rate is coming back at about 23%. I thought it should be only 15% since my total income is between $80,801 and $501,600? My 1099 says it's category D, long-term covered, so not sure why my rate is not coming back at 15%.

Appreciate any help!

Best answer by LudwigVan_fan

First I would check your entries into TT to make sure everything is correct.

Then, I would finish the return, and then do a print or print/preview and examine Sch D to make sure the gain is in the LTCG category.

Finally, if you want to go further, you can do a manual tax computation in the Sch D instructions, page 16

https://www.irs.gov/pub/irs-pdf/i1040sd.pdf

LudwigVan_fanAnswer

Employee

First I would check your entries into TT to make sure everything is correct.

Then, I would finish the return, and then do a print or print/preview and examine Sch D to make sure the gain is in the LTCG category.

Finally, if you want to go further, you can do a manual tax computation in the Sch D instructions, page 16

https://www.irs.gov/pub/irs-pdf/i1040sd.pdf

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**