Donna and Chris Hoser

Qualified Dividends and Capital Gain Tax Worksheet—Line 16

Before you begin:

✔

See the earlier instructions for line 16 to see if you can use this worksheet to figure your tax.

✔

Before completing this worksheet, complete Form 1040 or 1040-SR through line 15.

✔

If you don't have to file Schedule D and you received capital gain distributions, be sure you checked the box on Form 1040 or 1040-SR, line 7.

  1.

Enter the amount from Form 1040 or 1040-SR, line 15. However, if you are filing Form 2555 (relating to foreign earned income), enter the amount from line 3 of the Foreign Earned Income Tax Worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  1.

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  2.

Enter the amount from Form 1040 or 1040-SR, line 3a* . . . .

2.

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  3.

Are you filing Schedule D?*

◻ Yes

Enter the  smaller of line 15 or 16 of Schedule D. If either line 15 or 16 is blank or a loss, enter -0-.

}

3.

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☒ No

Enter the amount from Form 1040 or 1040-SR, line 7.

  4.

Add lines 2 and 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

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  5.

Subtract line 4 from line 1. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . .

  5.

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  6.

Enter:

$41,675 if single or married filing separately,

}

$83,350 if married filing jointly or qualifying widow(er),

. . . . . . . . . . .

  6.

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$55,800 if head of household.

  7.

Enter the smaller of line 1 or line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  7.

fill in the blank fa0df4037feefa3_7

  8.

Enter the smaller of line 5 or line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  8.

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  9.

Subtract line 8 from line 7. This amount is taxed at 0% . . . . . . . . . . . . . . . . . . .

  9.

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10.

Enter the smaller of line 1 or line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10.

fill in the blank fa0df4037feefa3_10

11.

Enter the amount from line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11.

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12.

Subtract line 11 from line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12.

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13.

Enter:

$459,750 if single,

}

$258,600 if married filing separately,

. . . . . . . . . . . . .

13.

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$517,200 if married filing jointly or qualifying widow(er),

$488,500 if head of household.

14.

Enter the smaller of line 1 or line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.

fill in the blank fa0df4037feefa3_14

15.

Add lines 5 and 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15.

fill in the blank fa0df4037feefa3_15

16.

Subtract line 15 from line 14. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . .

16.

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17.

Enter the smaller of line 12 or line 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.

fill in the blank fa0df4037feefa3_17

18.

Multiply line 17 by 15% (0.15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18.

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19.

Add lines 9 and 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19.

fill in the blank fa0df4037feefa3_19

20.

Subtract line 19 from line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20.

fill in the blank fa0df4037feefa3_20

21.

Multiply line 20 by 20% (0.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21.

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22.

Figure the tax on the amount on line 5. If the amount on line 5 is less than $100,000, use the Tax Table to figure the tax. If the amount on line 5 is $100,000 or more, use the Tax Computation Worksheet . . . . . . . . . .

22.

fill in the blank fa0df4037feefa3_22

23.

Add lines 18, 21, and 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23.

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24.

Figure the tax on the amount on line 1. If the amount on line 1 is less than $100,000, use the Tax Table to figure the tax. If the amount on line 1 is $100,000 or more, use the Tax Computation Worksheet . . . . . . . .

24.

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25.

Tax on all taxable income. Enter the  smaller of line 23 or 24. Also include this amount on the entry space on Form 1040 or 1040-SR, line 16. If you are filing Form 2555, don’t enter this amount on the entry space on Form 1040 or 1040-SR, line 16. Instead, enter it on line 4 of the Foreign Earned Income Tax Worksheet . . . .

25.

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*  If you are filing Form 2555, see the footnote in the Foreign Earned Income Tax Worksheet before completing this line.