IRS form 1040 schedule D line 17 for stocks, yes or no?
There are two categories, one for short term gains and the other for long term gains. I only have one entry of selling stocks for $40 profit within the year of 06. Line 17 asks if both are gains. One is +40 the other is 0, so technically both are positive/not losses. Or, you could interpret that both must have a positive entry other than 0. The answer determines if I need to complete the Qualified Dividends and Capital Gains Tax Worksheet or not. I'm thinking my entry is No, but I want to feel sure about it before submitting. The IRS Info page does not clarify the question.
Public Comments
- Hmm
- The answer is no...clearly.
- You don't have to fill out the Worksheet unless you want to. For $40 in gains it is more trouble than it is worth. Depending on what tax bracket your in it might not do you any good at all anyway. The absolute most your talking about is $5. And if you are just now filing 2006 then you have wasted that much already. Hope it helps.
- If all you had were short term gains ($0 on line 15 and a $40 on line 16) from stock and ZERO qualfied dividends, then none of your income qualifies for the long term capital gain rate so no special calculations are necessary. (You just use the tax tables.) Ergo, the answer for 17 is a no.
