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IRS Corrects Error in Schedule D Tax Calculation Worksheet

Last week, the U.S. Internal Revenue Service (IRS) notified tax software companies that it had discovered an error in the instructions for the Tax Worksheet for the 2018 Schedule D, Capital Gains and Losses. The IRS explained that the tax calculation did not reflect the new regular tax rates and brackets for certain Schedule D filers and posted the corrected worksheet at the end of the instructions (PDF) last week, advising anyone who had downloaded those instructions before May 16 to download them again. All returns filed after May 15 should reflect the new calculation, but the IRS will update returns filed using the incorrect worksheet, meaning those taxpayers do not have to file an amended return. Read more at The Tax Adviser.