Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 12-23-2016, 02:33 PM
Junior Member
 
Join Date: Dec 2016
Posts: 1
Were we in the 15% bracket or not ?

For tax year 2015 we had an income of $64,000. Besides the $64,000 we sold some mutual funds and the capital gains from that was $98,000. I was under the impression that since we (married filing jointly) were under $74,900 (15% tax bracket) on income before the capital gains, that we wouldn't have to pay any capital gains tax, but our tax preparer said we did. Was that correct?

Thanks



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 12-24-2016, 02:03 PM
Moderator
 
Join Date: Oct 2010
Posts: 4,650
Quote:
Originally Posted by Wondering2 View Post
For tax year 2015 we had an income of $64,000. Besides the $64,000 we sold some mutual funds and the capital gains from that was $98,000. I was under the impression that since we (married filing jointly) were under $74,900 (15% tax bracket) on income before the capital gains, that we wouldn't have to pay any capital gains tax, but our tax preparer said we did. Was that correct?

Thanks
Yes he , the tax pro was correct; since you need to include your LTCG of $98K on your Sch D/ From 8949 , you will list the security, the gross proceeds, the basis, and you will subtract the basis from the proceeds to enter the net gain for the transaction. Once you total everything up, you should show the gain, which then carries over to your 1040 line 13. You need to s Complete the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for Form 1040, line 44



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
capital gains tax rate for 15% income tax bracket mikectm2 Capital Gains 1 03-29-2015 02:17 AM
Tax bracket change uncle_sam For 2014 3 02-03-2015 08:02 PM
OK to not use capital gain loss carryfoward if in 0% cap gain bracket? gahoman Capital Gains 2 11-14-2014 09:24 PM
IRS upping audits on highest income bracket kathmoore Miscellaneous 0 01-10-2012 04:19 AM
IRS increases the tax-bracket thresholds for each filing status for tax year 2009. TaxGuru For 2008 0 10-28-2008 11:32 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning