Strongsilence-C
Level 9
01-28-2021
06:42 PM
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My 1041 for 2019 is taxing capital gains at ordinary income rates. (They are not distributed out to the beneficiaries.) Why does it assume ordinary treatment? And how can I choose capital gains tax rates?
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sjrcpa
Level 15
01-28-2021
07:35 PM
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Short term?
How much other income is there?
Ex-AllStar
Strongsilence-C
Level 9
01-28-2021
10:38 PM
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It is Long Term.
There is no other income.
I don't do that many trusts but I do think ordinary income treatment is not correct.
Accountant-Man
Level 13
01-29-2021
09:10 AM
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How much is the LTCG income?
What does it say at the bottom of the Sch D? How much is taxed at 0%? 15%?
** I'm still a champion... of the world! Even without The Lounge.
Accountant-Man
Level 13
01-29-2021
02:56 PM
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Strongsilence, you marked mine as the solution. Was it 0%, 15%, etc?
** I'm still a champion... of the world! Even without The Lounge.
