Capital gains tax

[Bearstain]

What is the name of your state? Washington.. What is income tax on 40.200 capital gains ?

 

[adjusterjack]

Depends. Long term or short term?

See the IRS capital gains instructions.

https://www.irs.gov/pub/irs-pdf/i1040sd.pdf

 

[Taxing Matters]

What is the name of your state? Washington.. What is income tax on 40.200 capital gains ?

That depends on the total of all your income and whether your gains are long term (assets held at least one year) or short term (assets held for less than one year). You'd need to run the numbers with your particular facts to determine what tax you actually end up paying on it.

 

[Bearstain]

Lo

That depends on the total of all your income and whether your gains are long term (assets held at least one year) or short term (assets held for less than one year). You'd need to run the numbers with your particular facts to determine what tax you actually end up paying on it.

Long term and total income is 10110 ssa 30200 capital gains

 

[Bearstain]

Lo
Long term and total income is 10110 ssa 30200 capital gains

Under 40300. Total single no tax

 

[Bearstain]

Under 40300. Total single no tax

Correct no tax capital gains under 40300?

 

[Taxing Matters]

Long term and total income is 10110 ssa 30200 capital gains
Under 40300. Total single no tax

I'm sorry, but those little snippets of information don't provide a complete picture of your situation. ALL the details of your income for the year matters. What kind of assets were sold, what the details were of your other income, your age, your deductions and credits, all of that and possibly more factor into what the effective tax rate will be on the income. It also matters what tax year you are asking about. All I can tell you here is that for most long term capital gains the maximum tax rate you'd have given the total income you provided is 15%.

 

[Taxing Matters]

Correct no tax capital gains under 40300?

If your TOTAL income (not just the capital gains) in 2021 is under $40,400 then the long term capital gains rate would be zero. For 2020 it was 40,000 in taxable income. But your if your total taxable income is over $100,000 you're going to have some tax to pay on your capital gain.

 

[LdiJ]

Correct no tax capital gains under 40300?

First you said your capital gain was 40200 and then later you said it was 30200? Can you confirm which it is? It makes a difference.

 

[davew9128]

Imagine if one could google for tax calculators on the internet...

 

[Taxing Matters]

Imagine if one could google for tax calculators on the internet...

Or for phone/tablet apps for that.