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dshtax
New Member

Long-term capital gains tax rate

I have $6,705 of long-term capital gains and am married filing jointly with a taxable income of  approximately $26,000. These gains were not reported on my 1099 because they're from a Noncovered security, but they were on my December statement so I think I'm required to report them. When I report these capital gains on Schedule D, they get added to my 1040-SR and increase the amount of taxes I owe by about $600. I thought that long-term capital gains would not be taxed at my income level and would not affect the amount of tax I owe this year. Can someone help me understand this? Is this a glitch in TurboTax? Or is there a reason these capital gains are increasing my tax liability even at my income level. 

2 Replies

Long-term capital gains tax rate

This is the support site for the Canadian TurboTax. For assistance with U.S. taxes and U.S. versions of TurboTax, please visit the website for TurboTax USA.

dshtax
New Member

Long-term capital gains tax rate

Thank you for letting me now, Susan!