onestop73
Level 3
04-22-2020
05:43 PM
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Hello,
Seeking a bit more understanding why the taxable income of $83K which includes gain (boot) and other; only calculated tax of $759? Am I suppose to override something to trigger overall tax? Does this sound right to have taxable income of $83k and the system only calculated $759 tax? Thank you in advance.
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The-Tax-Lady
Level 9
04-22-2020
06:06 PM
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Capital gains can trigger all the income to be taxed at the Capital gains tax rate which starts at Zero.
sjrcpa
Level 15
04-22-2020
06:37 PM
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Look at the worksheet and follow the calculation. Long-term capital gains are generally taxed at lower rates than ordinary income. Been that way for a number of years
The more I know the more I don’t know.
