Capital Gains Estimator

Cyclist

This tool appears not to be working. Have tax due for FY 2023 because of capital gains. I can select lots with losses that result in total capital gains less than -3,000. Summary indicates that loss will be capped at -3,000 (which is correct), but before and after Tax Due still indicates the same amount.

Chris_QPW

The "Tax Due" section only comes up when you select "Use Tax Planner rates" in the Tax rate section of the Capital Gains Estimator.

One reason you might see no change in the "Tax Due" is because "Estimated Federal Tax Impact" is zero, because you already have a $3,000 or greater right off for the year.

If you switch the tax rate to some other setting rates it will change the "What if scenarios" screen where "Tax Due" is no longer shown, and instead you get the "Total Gross Proceeds from Proposed Sales".

Cyclist

Chris - that would be true, but that's not it. I can use the capital gains estimator to see what my ST and LT gains(losses) would be if I make a proposed sale(s). No matter what, it isn't reflecting any change in my Federal Tax due (it IS with respect to state tax, however). If I just take the new ST and LT capital gains (after proposed sale), and manually plug them into Tax Planner (overriding actual 2023 values), Tax Planner shows a reduction in my Federal Tax Due (which in my case would indeed be the case). Estimator is definitely coming up with a wrong result with respect to Federal Tax Due after proposed sale(s).

Cyclist

Does anyone else use the Capital Gains Estimator? I suspect that the problem is related to the Tax Planner problem already reported on many occasions. Anyone else having similar issues?