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This article applies to:

  • Product: Planner CS

Elect to treat capital gains and qualified dividends as investment income

You can elect to treat all or a portion of net capital gains and qualified dividends as investment income.

Elect all income

Mark the checkbox in the
Elect all CG/QD in invst inc?
 field on the
Deductions
,
Investment Interest
 tab so that
Yes
 displays in the field. Planner CS will then reduce the amount of net capital gain and qualified dividends eligible for capital gains tax rates to zero.

Elect a portion of the income

  1. Clear the checkbox in the
    Elect all CG/QD in invst inc?
     field on the
    Deductions
    ,
    Investment Interest
     tab so that
    No
     displays in the field.
  2. Enter the portion you want to elect in the
    Amount of CG/QD to include
     field on the Investment Interest tab.
The elected amount will display in line
4g. Net cap gain & QD elected
. Planner CS will reduce the amount of net capital gain and qualified dividends eligible for capital gains tax rates by the elected amount. The elected amount will be treated by default as being attributable first to net capital gain from property held for investment (line 4e), and then to qualified dividends (line 4b). If you want to treat less of the net capital gain amount (and more of the qualified dividends) as attributable to line 4g, enter an amount in the
Elect amt from 4e attrib to 4g
 field. Don’t enter more than the line 4e net capital gain amount in this field, and you should not enter less than the excess of line 4g over line 4b.