On May 15, the Internal Revenue Service (IRS) notified tax software companies about an error in the instructions for the Tax Worksheet for the 2018 Schedule D, Capital Gains and Losses. The tax calculation did not reflect the new regular tax rates and brackets for certain Schedule D filers resulting from the Tax Cuts and Jobs Act.
The corrected worksheet has been updated in the instructions for 2018 Schedule D, but the IRS wants anyone who downloaded those instructions before May 16 to download them again. All returns filed after May 15 should reflect the new calculation, but taxpayers who filed with the incorrect worksheet after May 15 won’t have to file an amended return because the IRS will update them using the new calculation. Find the details here.