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Old 12-04-2017, 02:58 PM
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Capital gains 15% bracket

It is my understanding that capital gains on long term shares of a mutual fund are not taxed for those at the 15% bracket. Yet, I don't see a way on the 1040, Schedule D or 8949 to exempt the gains from taxes. Is there somewhere I do this, or do I just report the gains on line 13 of the 1040?

AGI is less than $35,000 (individual)
Taxable income is usually about $25,000
Selling 7 lots of long term shares of a mutual fund (purchase dates between 2011 and 2013) with (at yesterday's close) a gain of less than $400.

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Old 12-05-2017, 06:54 AM
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Join Date: Oct 2010
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It is my understanding that capital gains on long term shares of a mutual fund are not taxed for those at the 15% bracket. Yet, I don't see a way on the 1040, Schedule D or 8949 to exempt the gains from taxes. Is there somewhere I do this, or do I just report the gains on line 13 of the 1040?=====>you need to report your LTCG on line 13 of F 1040 an form 8949. Tax rates on capital gains are determined by your tax bracket, but a significant number of people will actually pay no capital gains tax on the sale of assets held over a year;your capital gain itself add to your income to get to the bracket. I mean the capital gains are added to your income for the purpose of determining your tax bracket.your capital gains push you into a higher tax bracket.plz read below

AGI is less than $35,000 (individual)
Taxable income is usually about $25,000
Selling 7 lots of long term shares of a mutual fund (purchase dates between 2011 and 2013) with (at yesterday's close) a gain of less than $400====>your ltcg goes on Sch D line 16 then to line 13 of the Form 1040.then you need to complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form 1040, line 44.



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