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On Schedule D, I show a gain on line 15 and 16 and I'm instructed to use the Qualified Dividends and Capital Gain Worksheet. Using the worksheet, there's no taxes on the gain. Is this correct?


The BIDaWIZ Team's Answer:

It's certainly possible if you consider the fact that the worksheet takes into account your adjusted gross income when figuring out the capital gains tax while the Schedule D in itself and line 13 of your form 1040 do not. If you could provide your capital gain and dividends as well as your adjusted gross income and filing status (i.e. married filing joint/single), we can confirm this. For instance, you would owe no capital gains tax on long-term gains as your in the 15% ordinary income tax bracket since your AGI is below $72,500 as a joint filer. This is referenced in IRS Publication 550 and IRC Section 1221.

The BIDaWIZ Team



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