Turbotax calculates your cap gains tax on the Qualified Dividend/Long Term Capital gains worksheet, and that calculation is accurate. However, if your income is high enough that you are subject to the Alternative Minimum Tax, you can be seeing a secondary effect. When you are subject to the AMT, you have a deduction which can be reduced.
Another frequent question is “Does turbotax deluxe do capital gains?”.
But even Online Deluxe can handle capital gains distributions reported on a 1099-DIV, Box 2a. So even if you were using Online Turbo. Tax, you would not have to upgrade from Deluxe to Premier solely for capital gains distributions on a 1099-DIV.
Report Inappropriate Content Turbo. Tax deluxe for investments No change in the way that the software actually works. The Deluxe download version contains everything I need for my investments. I’ve had no problem entering my investment information for 2020 via download from my brokers, exactly the same process as last year.
, turbo Tax deluxe for investments @ the. TA007 Addendum : You can go to the page below, scroll down to see the chart of features for each desktop product, and you’ll see that all 4 desktop product editions (CD/download) have a “dot” for the ability “importing financial data including W-2s, investment and mortgage information “.
How do you calculate capital gains tax on sale of property?
Or, expressed in tax terminology, you subtract the total of the property’s adjusted cost base and any outlays and expenses incurred to sell your property from the proceeds of disposition. Formula for calculating your capital loss or gain: Proceeds of disposition – (adjusted cost base + outlays and expenses) = capital gain or loss.
This does not include your primary residence. Special rules apply to those sales. What’s the difference between a short-term and long-term capital gain?
This of course begs the query “Do you have to report capital gains tax on capital gains?”
Capital assets held for personal use that are sold at a loss generally do not need to be reported on your taxes and the loss is generally not deductible . The gains you report are subject to income tax, but the rate of tax you’ll pay depends on how long you hold the asset before selling.
Can I hand over my taxes to a TurboTax live tax expert?
You can also fully hand over your taxes from start to finish to a Turbo. Tax Live Premier tax expert all from the comfort of home. *Note, our Capital Gains Interactive Calculator is for estimation purposes only and does not include all investment and stock situations. In most cases the cost of stock is the amount you pay for it.
Should I use TurboTax Premier or Deluxe for investment income?
, turbo Tax may recommend. Premier for investment income, since it offers more detailed help with that topic, but desktop Deluxe (CD/download) is capable of handling it.
The deluxe version is only about support. Their free version includes much of what is included in Turbo. Tax Premier (investments, rental income) and Home & Business (1099 income and expenses). You can see our full review of Free, tax USA for more.