Site Search   |   Print Page   |   Report Abuse   |   Sign In   |   Join Now!
Community Search
News & Press: Federal Tax News

IRS announces change to 2018 Schedule D Tax Worksheet

Thursday, May 16, 2019  
Share |

submitted by Dale Marino

IRS announces change to 2018 Schedule D Tax Worksheet


The IRS has shared with the professional tax software community that they have found that the Schedule D Tax Worksheet for Forms 1040 and 1041 were not properly taxing certain capital gains at the new lower 2018 tax rates, but instead the worksheet was taxing them at their maximum rate of 25% or 28%. The worksheets are used to figure regular tax in certain instances for Filers of Forms 1040, 1040-NR, 1041, and 990-T. The IRS has corrected these worksheets and released newer versions which have should be released tomorrow in Lacerte version 39.0516.

 

The IRS will review returns filed prior to May 16 to determine any needed corrections. These taxpayers do not need to file an amended return, call the IRS or take any other action at this time.

 


more Calendar

8/26/2019
Westside Chapter - S Corporations Rules & Tax Strategies (2 hrs CPE)

8/28/2019
Jackson Co. Chapter Education: Rentals (2 hrs) + Visit from State Pres (8/28/2019)

Featured Members

Community Search
Membership Software Powered by YourMembership  ::  Legal