Message Font: Serif | Sans-Serif
No. of Recommendations: 0
<<<Question on Tax Q&A for 3/5/98 -
The text recommends that you check your work by
comparing net capital gains in line 17 to the
total of lines 36, 40, 46, and 50. They should
be exactly the same amount.

Rather, shouldn't the total of lines 36, 40, 46,
and 50 equal line 19 (total taxable income) minus
$41,200 (for married filing jointly)? Or line
17 plus amount of income over $41,200?

I've reviewed my Schedule D over and over and
can't reconcile the totals of lines 36, 40, 46,
and 50 to line 17 as recommended.>>>

I'm right there with you. I've reviewed, double-checked and re-analyized my Schedule D and cannot duplicate the suggested check method.

I agree with your check method that lines 36, 40, 46,
and 50 equal line 19 (total taxable income) minus
$41,200 (for married filing jointly) **with the figure not going below zero**. For me, Line 19 less $41,200 results in a negative number. Since lines 36, 40, 46, and 50 equal zero for me it certainly seems to be the proper method to checking one's figures.

If the author of the column, Roy Lewis, could offer a complete working example of Schedule D it would help to make this crystal clear. The verbiage helps to explain the tax forms, but being able to duplicate the verbiage with an example would help clarify even further. Travzila
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.