Use Part III of Schedule D (1040) if both of the following are true:
There is a net capital gain. There is a net capital gain if both lines 15 and 16 of Schedule D are gains. (Line 15 is net long-term capital gain or loss, and line 16 is a net long-term capital gain or loss combined with any net short-term capital gain or loss.)
The taxable income on Form 1040, line 43, is more than zero.
If you have any collectibles gain, gain on the qualified small business stock, or unrecaptured section 1250 gain, you may have to use the Schedule D Tax Worksheet to calculate your tax. See the Schedule D instructions for more information about this.
In UltimateTax, this worksheet is at the top of Schedule D Worksheet 1.
This information applies to all years of the UltimateTax software.