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Old 03-06-2014, 12:22 PM
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How do I owe so much on my amended return??

Hi, I recently filed my taxes and found out I had to make an amendment to them. My parents had a small UGMA for me that was sold off in 2013(im 23 and out of college) the short term gains were $1086. On my new return I added this from the 1099-B form. After everything was finished on turbotax, it says I now owe $365 federal and $33 state. My initial return was $2570 so I clearly understand why I owe money, but how is it that much? This increase in capital gains did not move me up a tax bracket, and from my understanding it should be taxed 15% and I just don’t understand. My income before and after deductions falls in the $8,926 to $36,250 range(15%)

any help answering this would be very much appreciated!

thanks!



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Old 03-06-2014, 04:11 PM
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Quote:
Originally Posted by gatorade81 View Post

#1;Hi, I recently filed my taxes and found out I had to make an amendment to them. My parents had a small UGMA for me that was sold off in 2013(im 23 and out of college) the short term gains were $1086. On my new return I added this from the 1099-B form. After everything was finished on turbotax, it says I now owe $365 federal and $33 state. My initial return was $2570 so I clearly understand why I owe money, but how is it that much?


#2;This increase in capital gains did not move me up a tax bracket, and from my understanding it should be taxed 15% and I just don’t understand. My income before and after deductions falls in the $8,926 to $36,250 range(15%)

any help answering this would be very much appreciated!

thanks!
#1;I do not think you are subject to additional tax liability as your STCG is only $1086 then you need to pay only $163 more as your tax bracket is 15%. You need to check your TT software if you put in accurate info in the software. I am not familiar with TT software, if you need tech help , you may contact the vendor

#2;correct aslongas yur marginal tax rate is 15%;it is stcg taxed as ordinary income at 15%, NOT 0% as it is not LTCG



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Old 03-13-2014, 07:02 AM
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Join Date: Mar 2014
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Hey, I am an insurance sales professional and I had not filed my tax return for years.I owed over $70k in penalities,back taxes and interest. My IRS Revenue Officer filed a SFR (Substitute For Return) which lead to a $34,488 wage garnishment against my quarterly insurance sales commissions payout and a $3,000 bank account levy.Then I consulted tax relief attorney of Defense tax Group. One of the Defense Tax's consultant helped me and maximize my deduction. You must consult them for once.



Quote:
Originally Posted by gatorade81 View Post
Hi, I recently filed my taxes and found out I had to make an amendment to them. My parents had a small UGMA for me that was sold off in 2013(im 23 and out of college) the short term gains were $1086. On my new return I added this from the 1099-B form. After everything was finished on turbotax, it says I now owe $365 federal and $33 state. My initial return was $2570 so I clearly understand why I owe money, but how is it that much? This increase in capital gains did not move me up a tax bracket, and from my understanding it should be taxed 15% and I just don’t understand. My income before and after deductions falls in the $8,926 to $36,250 range(15%)

any help answering this would be very much appreciated!

thanks!



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