Accountants Community Home

IRS Announces Change to 2018 Schedule D Tax Worksheet

IRS announces change to 2018 Schedule D Tax Worksheet

The IRS has informed us 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%. Forms 1040, 1040-NR, 1041, and 990-T use these worksheets to calculate regular tax in certain instances. The IRS has released newer versions of these worksheets which should be released 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.

For more information please see the following statement from the IRS

1 update

Lacerte - Identifying Clients Affected by Individual and Fiduciary Schedule D Tax Worksheet Instruction Changes: